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Shanghai index drops amid jitters over Fed exit plan
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SHANGHAI stocks sank today as uncertainty over US Federal Reserve’s move to slow its bond purchases overshadowed a rebound in China’s manufacturing sector.
The benchmark Shanghai Composite Index fell 0.28 percent to 2,067.12 points, pulled by energy and metal producers. Daily turnover was 76 billion yuan (US$12.5 billion).
Asian markets fell as the minutes of the Fed’s recent meeting revealed that the US central bank is inclined to scale back its US$85 billion monthly asset purchases.
“It’s very likely that the Fed would start to wind down it bond-buying program as early as September as policymakers believed the country’s job market has significantly improved,” analysts at CITIC Securities said in a note today.
“This might accelerate capital outflow from the A-share market in late August and sway the market sentiment, but domestic factors will remain the main divers for the market,” the brokerage said.
HSBC’s Flash China Purchasing Managers’ Index, the earliest indicator of manufacturing activity at private and export-oriented firms, advanced in August to 50.1, compared with the final figure of 47.7 in July, HSBC Holdings PLC announced today.
A reading of 50 or higher indicates the activity is expanding.
“A sharp rebound in Flash PMI confirms that the economy has stabilized in the short term and the downside pressure for the second half of this year has eased,” said Zhang Zhiwei, chief China economist at Nomura Securities in Hong Kong.
Shanxi Lu'an Environmental Energy Development Co fell 1.43 percent to 13.10 yuan. Wintime Energy Co lost 2.1 percent to 6.86 yuan. Datong Coal Industry Co. dropped 2.3 percent to 6.67 yuan.
Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co slumped 3 percent to 29.20 yuan. Henan Yuguang Gold & Lead Co dived 4.1 percent to 10.72 yuan.
Shares of Everbright Securities were suspended from trading in the afternoon session after falling 2.8 percent to 9.98 yuan by the noon break.
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