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Shanghai index plunges 2.7%
By Ye Zhen |
June 4, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI stocks suffered the biggest one-day loss this year as the nation's service sector posted a weak performance in May and the government may accelerate the introduction of an international board.
The benchmark Shanghai Composite Index slumped 2.7 percent, or 64.89 points, to 2,308.55 points. Turnover stood at 86.9 billion yuan (US$13.8 billion).
China's service Purchasing Managers Index in May fell to 55.2, the weakest since January. That compared with 56.1 in April and 58 in March.
The data came after surveys last week showed the country's manufacturing sector turned in the weakest performance this year last month, signaling the economic slowdown is spreading.
The government is preparing for the launch of an international board in Shanghai, where foreign companies can list yuan-denominated shares, according to a joint statement released by eight ministries. This raised concern foreign stocks may make A-shares less attractive.
Oil providers dived on speculation the government may cut oil prices after Brent crude dropped to a 16-month low last week. China Petroleum and Chemical Co, also known as Sinopec, and China's largest oil refiner, dipped 3.1 percent to 6.49 yuan. PetroChina Co, the second biggest refiner, slid 1.7 percent to finish at 9.30 yuan.
Property developers retreated as home prices in China fell for the ninth straight month in May. China Vanke, the nation's biggest developer, slipped 1.2 percent to 9.04 yuan. Poly Real Estate, the second largest developer, shrank 3.1 percent to 13.25 yuan.
Gold stocks gained against the falling index as gold futures surged almost 4 percent on Friday, the biggest gain since August 2011. Zijin Mining Group Co, the nation's largest gold producer, added 0.2 percent to end at 4.15 yuan. Shandong Gold Mining Co soared 5.7 percent to 36.31 yuan.
The benchmark Shanghai Composite Index slumped 2.7 percent, or 64.89 points, to 2,308.55 points. Turnover stood at 86.9 billion yuan (US$13.8 billion).
China's service Purchasing Managers Index in May fell to 55.2, the weakest since January. That compared with 56.1 in April and 58 in March.
The data came after surveys last week showed the country's manufacturing sector turned in the weakest performance this year last month, signaling the economic slowdown is spreading.
The government is preparing for the launch of an international board in Shanghai, where foreign companies can list yuan-denominated shares, according to a joint statement released by eight ministries. This raised concern foreign stocks may make A-shares less attractive.
Oil providers dived on speculation the government may cut oil prices after Brent crude dropped to a 16-month low last week. China Petroleum and Chemical Co, also known as Sinopec, and China's largest oil refiner, dipped 3.1 percent to 6.49 yuan. PetroChina Co, the second biggest refiner, slid 1.7 percent to finish at 9.30 yuan.
Property developers retreated as home prices in China fell for the ninth straight month in May. China Vanke, the nation's biggest developer, slipped 1.2 percent to 9.04 yuan. Poly Real Estate, the second largest developer, shrank 3.1 percent to 13.25 yuan.
Gold stocks gained against the falling index as gold futures surged almost 4 percent on Friday, the biggest gain since August 2011. Zijin Mining Group Co, the nation's largest gold producer, added 0.2 percent to end at 4.15 yuan. Shandong Gold Mining Co soared 5.7 percent to 36.31 yuan.
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