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Shanghai index sinks over weak economic data
By Ye Zhen |
May 24, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks retreated today as weak economic data overshadowed the government's pledge to focus on economic growth.
The benchmark Shanghai Composite Index shed 0.53 percent, or 12.46 points, to close at 2,350.97. Turnover stood at 76.8 billion yuan (US$12.2 billion) at the trading close.
HSBC's Flash China Purchasing Managers' Index, a gauge of manufacturing activity slanted more towards private and export-oriented firms, fell to 48.7 this month, compared with 49.3 in April, HSBC Holdings PLC announced today. A reading of 50 or higher indicates activity is expanding.
A series of disappointing data in April increased pressure on the government to loosen monetary policy to boost domestic demand.
The central government last night repeated on its website Premier Wen Jiabao's weekend comment that the country needs to introduce proactive fiscal policies to expand demand and give priority to stimulating economic growth.
Oil producers plunged after oil prices declined below US$90 a barrel in New York. China Oilfield Services Limited lost 1 percent to 18.55 yuan. China Petroleum and Chemical Co, also known as Sinopec, and China's largest oil refiner, dropped 0.4 percent to 6.96 yuan. PetroChina Co, the country's second biggest refiner, fell 0.5 percent to 9.51 yuan.
Brokerages also tumbled. Citic Securities, the biggest listed brokerage, fell 1.2 percent to finish at 13.44 yuan. Sinolink Securities Co dived 2.7 percent to 14.94 yuan.
Railway related stocks and cement producers rose after the government said the country will speed up construction of infrastructure projects.
Taiyuan Heavy Industry Co, a producer of railway parts, jumped 5.9 percent to 6.28 yuan. Railway Erju Co rose 4 percent to close at 6.67 yuan.
Anhui Conch Cement Co, the country's biggest cement producer, gained 1 percent to 16.86 yuan. Ningxia Building Materials climbed 5 percent to 11.83 yuan.
The benchmark Shanghai Composite Index shed 0.53 percent, or 12.46 points, to close at 2,350.97. Turnover stood at 76.8 billion yuan (US$12.2 billion) at the trading close.
HSBC's Flash China Purchasing Managers' Index, a gauge of manufacturing activity slanted more towards private and export-oriented firms, fell to 48.7 this month, compared with 49.3 in April, HSBC Holdings PLC announced today. A reading of 50 or higher indicates activity is expanding.
A series of disappointing data in April increased pressure on the government to loosen monetary policy to boost domestic demand.
The central government last night repeated on its website Premier Wen Jiabao's weekend comment that the country needs to introduce proactive fiscal policies to expand demand and give priority to stimulating economic growth.
Oil producers plunged after oil prices declined below US$90 a barrel in New York. China Oilfield Services Limited lost 1 percent to 18.55 yuan. China Petroleum and Chemical Co, also known as Sinopec, and China's largest oil refiner, dropped 0.4 percent to 6.96 yuan. PetroChina Co, the country's second biggest refiner, fell 0.5 percent to 9.51 yuan.
Brokerages also tumbled. Citic Securities, the biggest listed brokerage, fell 1.2 percent to finish at 13.44 yuan. Sinolink Securities Co dived 2.7 percent to 14.94 yuan.
Railway related stocks and cement producers rose after the government said the country will speed up construction of infrastructure projects.
Taiyuan Heavy Industry Co, a producer of railway parts, jumped 5.9 percent to 6.28 yuan. Railway Erju Co rose 4 percent to close at 6.67 yuan.
Anhui Conch Cement Co, the country's biggest cement producer, gained 1 percent to 16.86 yuan. Ningxia Building Materials climbed 5 percent to 11.83 yuan.
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