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Shanghai index falls as hope for more easing wanes
By Ye Zhen |
November 22, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks declined today as China's accelerating manufacturing activity dampened hope for more policy easing.
The benchmark Shanghai Composite Index fell 0.72 percent to 2,015.61 points. Turnover was 33.7 billion yuan (US$5.4 billion) at the trading close.
HSBC's Flash Purchasing Managers' Index, the earliest indicator of China's manufacturing activity rose to a 13-month high of 50.4 in November, from October's final reading of 49.5, the bank said today. A reading above 50 means expansion.
The data reflects easing pressure on the destocking process and suggests the nation's economy has bottomed out and is on road to recovery, said Qu Hongbin, HSBC's chief economist for China.
Meanwhile, the government is relying more on open market operation to adjust market liquidity. People's Bank of China, the central bank, today injected 46 billion yuan into the financial system via seven-day reverse repurchase agreements and another 43 billion yuan through 14-day agreements.
Distilleries led the market down after Hunan Province product quality watchdog said a toxic plasticizing agent in spirits made by Jiugui Liquor Co was 247 percent more than the national standard.
Kweichow Moutai Co, a leading producer of high-end liquor in China, lost 0.6 percent to 217.29 yuan. Sichuan Tuopai Shede Wine Co fell 5.6 percent to 23.78 yuan. Sichuan Swellfun Co slid 4.1 percent to 19.06 yuan.
Most developers slumped after the Ministry of Finance said it is considering expanding the property tax to the whole country. Shanghai Industrial Development Co fell 4.8 percent to 7.13 yuan. Guangzhou Pearl River Industrial Development Co tumbled 6.1 percent to 9.29 yuan.
The benchmark Shanghai Composite Index fell 0.72 percent to 2,015.61 points. Turnover was 33.7 billion yuan (US$5.4 billion) at the trading close.
HSBC's Flash Purchasing Managers' Index, the earliest indicator of China's manufacturing activity rose to a 13-month high of 50.4 in November, from October's final reading of 49.5, the bank said today. A reading above 50 means expansion.
The data reflects easing pressure on the destocking process and suggests the nation's economy has bottomed out and is on road to recovery, said Qu Hongbin, HSBC's chief economist for China.
Meanwhile, the government is relying more on open market operation to adjust market liquidity. People's Bank of China, the central bank, today injected 46 billion yuan into the financial system via seven-day reverse repurchase agreements and another 43 billion yuan through 14-day agreements.
Distilleries led the market down after Hunan Province product quality watchdog said a toxic plasticizing agent in spirits made by Jiugui Liquor Co was 247 percent more than the national standard.
Kweichow Moutai Co, a leading producer of high-end liquor in China, lost 0.6 percent to 217.29 yuan. Sichuan Tuopai Shede Wine Co fell 5.6 percent to 23.78 yuan. Sichuan Swellfun Co slid 4.1 percent to 19.06 yuan.
Most developers slumped after the Ministry of Finance said it is considering expanding the property tax to the whole country. Shanghai Industrial Development Co fell 4.8 percent to 7.13 yuan. Guangzhou Pearl River Industrial Development Co tumbled 6.1 percent to 9.29 yuan.
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