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Shanghai index sheds 0.36% on service sector report
By Ye Zhen |
November 5, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI stocks fell this morning after a report said China's non-manufacturing sector expanded at a slower pace last month.
The benchmark Shanghai Composite Index lost 0.36 percent, or 7.61 points, to 2,109.43 points. Turnover was 30.8 billion yuan (US$4.9 billion) by the noon break.
HSBC China Service Purchasing Managers Index (PMI), a gauge of non-manufacturing activity in the private and export-oriented sectors, fell in October to 53.5, down from September's 54.3, HSBC Holdings Plc and Markit Economics reported today.
The reading stood at above the expansionary threshold of 50, indicating the nation's service sector was still in expansion but at a slower pace.
The data added to mixed signals about China's economic outlook after recent indicators of PMI, retail sales and exports showed the country's economy is rebounding.
However, analysts are upbeat. "Although the growth in the service sector is moderating, the Chinese economy is gradually recovering thanks to earlier policies," said Qu Hongbin, HSBC's chief economist for China.
Gold stocks led the market down after gold futures for December delivery fell 2.4 percent to US$1,675.20 per ounce, the lowest closing since the end of August. Zijin Mining Group Co, the nation's largest gold producer, shed 0.8 percent to 3.84 yuan. Shandong Gold Mining Co dropped 3 percent to 36.77 yuan. Zhongjin Gold Corp declined 2.9 percent to 15.64 yuan.
Coal producers surged on speculation that heavy snowfall in northern China will boost their demand. Shanxi Lanhua Sci-Tech Venture Co rose 1.3 percent to 19.86 yuan. Shanxi Lu'an Environmental Energy Development Co increased 2.3 percent to 17.98 yuan. Qinghai Sunshiny Mining Co jumped 8.5 percent to 4.34 yuan.
The benchmark Shanghai Composite Index lost 0.36 percent, or 7.61 points, to 2,109.43 points. Turnover was 30.8 billion yuan (US$4.9 billion) by the noon break.
HSBC China Service Purchasing Managers Index (PMI), a gauge of non-manufacturing activity in the private and export-oriented sectors, fell in October to 53.5, down from September's 54.3, HSBC Holdings Plc and Markit Economics reported today.
The reading stood at above the expansionary threshold of 50, indicating the nation's service sector was still in expansion but at a slower pace.
The data added to mixed signals about China's economic outlook after recent indicators of PMI, retail sales and exports showed the country's economy is rebounding.
However, analysts are upbeat. "Although the growth in the service sector is moderating, the Chinese economy is gradually recovering thanks to earlier policies," said Qu Hongbin, HSBC's chief economist for China.
Gold stocks led the market down after gold futures for December delivery fell 2.4 percent to US$1,675.20 per ounce, the lowest closing since the end of August. Zijin Mining Group Co, the nation's largest gold producer, shed 0.8 percent to 3.84 yuan. Shandong Gold Mining Co dropped 3 percent to 36.77 yuan. Zhongjin Gold Corp declined 2.9 percent to 15.64 yuan.
Coal producers surged on speculation that heavy snowfall in northern China will boost their demand. Shanxi Lanhua Sci-Tech Venture Co rose 1.3 percent to 19.86 yuan. Shanxi Lu'an Environmental Energy Development Co increased 2.3 percent to 17.98 yuan. Qinghai Sunshiny Mining Co jumped 8.5 percent to 4.34 yuan.
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