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Shanghai index dips on slowing PMI in June
By Ye Zhen |
July 1, 2013, Monday
|
Online Edition
Online Edition
SHANGHAI stocks declined this morning after data showed China's manufacturing activity slowed in June, fuelling concerns about the world's second-largest economy.
The key Shanghai Composite Index lost 14.76 points, or 0.75 percent, to 1,964.44. Turnover was 33 billion yuan (US$5.4 billion) by the noon break.
China's official Purchasing Managers' Index, a gauge of manufacturing activity slanted more towards state-owned firms, fell to 50.1 in June from 50.8 in the previous month, the National Bureau of Statistics said this morning.
A reading over 50 indicates the manufacturing activity is expanding.
Meanwhile, HSBC Holdings PLC revealed that the HSBC China PMI, which measures manufacturing activity in private and export-oriented firms, dropped to a 9-month low of 48.2, down from 49.2 in May.
"The recent liquidity squeeze in the interbank market is likely to affect the financing activities of small and midsize enterprises," said Qu Hongbin, chief economist for China at the HSBC.
"The economic slowdown is likely to continue as the policymakers refrain from using stimulus," Qu said.
Cement producers led the market down. Anhui Conch Cement Co, the country's biggest cement producer, lost 3.1 percent to 12.97 yuan. Fujian Cement Inc slumped 8.8 percent to 6.54 yuan. Gansu Qilianshan Cement Group Co fell 3 percent to 8.28 yuan.
Financials continued a weak run. China Minsheng Banking Corp shed 0.9 percent to 8.49 yuan. Industrial Bank Co lost 1.6 percent to 14.53 yuan.
CITIC Securities, China's biggest listed brokerage, fell 0.6 percent to 10.07 yuan. Founder Securities Co declined 3.3 percent to 5.35 yuan. Haitong Securities Co shed 0.7 percent to 9.31 yuan.
The key Shanghai Composite Index lost 14.76 points, or 0.75 percent, to 1,964.44. Turnover was 33 billion yuan (US$5.4 billion) by the noon break.
China's official Purchasing Managers' Index, a gauge of manufacturing activity slanted more towards state-owned firms, fell to 50.1 in June from 50.8 in the previous month, the National Bureau of Statistics said this morning.
A reading over 50 indicates the manufacturing activity is expanding.
Meanwhile, HSBC Holdings PLC revealed that the HSBC China PMI, which measures manufacturing activity in private and export-oriented firms, dropped to a 9-month low of 48.2, down from 49.2 in May.
"The recent liquidity squeeze in the interbank market is likely to affect the financing activities of small and midsize enterprises," said Qu Hongbin, chief economist for China at the HSBC.
"The economic slowdown is likely to continue as the policymakers refrain from using stimulus," Qu said.
Cement producers led the market down. Anhui Conch Cement Co, the country's biggest cement producer, lost 3.1 percent to 12.97 yuan. Fujian Cement Inc slumped 8.8 percent to 6.54 yuan. Gansu Qilianshan Cement Group Co fell 3 percent to 8.28 yuan.
Financials continued a weak run. China Minsheng Banking Corp shed 0.9 percent to 8.49 yuan. Industrial Bank Co lost 1.6 percent to 14.53 yuan.
CITIC Securities, China's biggest listed brokerage, fell 0.6 percent to 10.07 yuan. Founder Securities Co declined 3.3 percent to 5.35 yuan. Haitong Securities Co shed 0.7 percent to 9.31 yuan.
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