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Shanghai index down despite rising service PMI
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SHANGHAI stocks fell for a fourth straight day today as positive economic data failed to ease concerns over growth prospect.
The benchmark Shanghai Composite Index lost 0.66 percent, or 13.47 points, to 2,024.83. Turnover was 57.5 billion yuan (US$9.3 billion).
The market slumped despite new data showed China’s economy picked up in May.
The official non-manufacturing purchasing managers’ index, a gauge of vitality of mostly state-owned service enterprises, rose to 55.5 in May, the best in six months, the National Bureau of Statistics and the China Federation of Logistics and Purchasing said yesterday.
Meanwhile, a separate report by HSBC Holding Plc showed China’s manufacturing activity in private and export-oriented firms grew last month but was still in contraction territory five months on end.
“Although data showed China’s economy is warming up slightly, investors are waiting for more clear signs of economic rebound,” said Qiao Qian, analyst at Haitong Securities.
Wang Ping, analyst of Dongxing Securities, said the government may continue to bolster economic growth with mini stimulus, but these efforts can hardly reverse the decline of the real estate sector.
Property developers dragged the market down after China Business News reported that banks have raised mortgage rates for first-time homebuyers in some cities.
China Fortune Land fell 6.1 percent to 24.80 yuan. Poly Real Estate, China’s second-largest developer, dropped 2.8 percent to 4.86 yuan.
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