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Shanghai index falls on weak manufacturing data
By Ye Zhen |
June 21, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks tumbled today as weak manufacturing data damped speculation that the nation's economy may start to rebound in the next quarter.
The benchmark Shanghai Composite Index decreased 1.4 percent, or 32 points to close at 2,260.88 points. Turnover was 54.7 billion yuan (US$8.7 billion) at the trading close. The index lost 2 percent for the week.
A preliminary reading of the HSBC China Purchasing Managers Index dropped to 48.1, the lowest in seven months, indicating manufacturing activity at private firms may continue to contract in June.
Analysts expect the nation's economy will hit bottom in the second quarter this year, but there is not necessarily an imminent rebound.
"Without policy support, economic growth may keep moderating as external demand is weak, the firms are still in the process of deleveraging and destocking, and the property bubble is continuing to deflate," China International Capital Corp said in its latest report. The company yesterday cut China's GDP growth in 2012 from 8.1 percent to 7.8 percent.
Coal producers continued a weak run on rising inventories and falling prices. Shanxi Lanhua Sci-Tech Venture Co decreased 4.1 percent to close at 19.45 yuan. Shanxi Lu'an Environmental Energy Development Co fell 3.8 percent to 21.83 yuan. Guizhou Panjiang Refined Coal Co slumped 6.5 percent to 27.27 yuan.
Lenders declined as deposits at the nation's four biggest banks dropped by a combined 460 billion yuan during the first two weeks of June. Industrial and Commercial Bank of China Ltd, the nation's largest lender, lost 0.8 percent to 3.91 yuan. China Construction Bank Corporation fell 0.2 percent to 4.52 yuan. Bank of China dipped 0.4 percent to end at 2.84 yuan.
Property developers were mixed. Poly Real Estate, the second largest developer, fell 0.3 percent to 11.50 yuan. Gemdale Corporation edged up 0.1 percent to 6.83 yuan. China Vanke, the nation's biggest developer, closed flat at 9.03 yuan.
The benchmark Shanghai Composite Index decreased 1.4 percent, or 32 points to close at 2,260.88 points. Turnover was 54.7 billion yuan (US$8.7 billion) at the trading close. The index lost 2 percent for the week.
A preliminary reading of the HSBC China Purchasing Managers Index dropped to 48.1, the lowest in seven months, indicating manufacturing activity at private firms may continue to contract in June.
Analysts expect the nation's economy will hit bottom in the second quarter this year, but there is not necessarily an imminent rebound.
"Without policy support, economic growth may keep moderating as external demand is weak, the firms are still in the process of deleveraging and destocking, and the property bubble is continuing to deflate," China International Capital Corp said in its latest report. The company yesterday cut China's GDP growth in 2012 from 8.1 percent to 7.8 percent.
Coal producers continued a weak run on rising inventories and falling prices. Shanxi Lanhua Sci-Tech Venture Co decreased 4.1 percent to close at 19.45 yuan. Shanxi Lu'an Environmental Energy Development Co fell 3.8 percent to 21.83 yuan. Guizhou Panjiang Refined Coal Co slumped 6.5 percent to 27.27 yuan.
Lenders declined as deposits at the nation's four biggest banks dropped by a combined 460 billion yuan during the first two weeks of June. Industrial and Commercial Bank of China Ltd, the nation's largest lender, lost 0.8 percent to 3.91 yuan. China Construction Bank Corporation fell 0.2 percent to 4.52 yuan. Bank of China dipped 0.4 percent to end at 2.84 yuan.
Property developers were mixed. Poly Real Estate, the second largest developer, fell 0.3 percent to 11.50 yuan. Gemdale Corporation edged up 0.1 percent to 6.83 yuan. China Vanke, the nation's biggest developer, closed flat at 9.03 yuan.
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