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Shanghai index slides as cautious investors await PMI data
By Ye Zhen |
May 31, 2012, Thursday
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Online Edition
Online Edition
SHANGHAI stocks ended lower before tomorrow's release of the closely watched Purchasing Managers Index, a broad indicator of economic activity in the manufacturing sector.
The benchmark Shanghai Composite Index lost 0.5 percent, or 12.42 points to 2,372.23 points. Turnover was 75.4 billion yuan (US$12 billion) at the trading close.
China's official PMI may drop to 51.5 in May from a 13-month high of 53.3 in April, according to a poll of 10 economists, fueling concern the economic slowdown is deepening.
HSBC's Flash China PMI, the earliest available indicator of China's industrial sector, fell to 48.7 in May, compared with 49.3 in April. A reading of 50 or higher generally indicates that activity is expanding.
China's official PMI and HSBC's PMI are slated for release tomorrow.
Oil companies fell after crude prices in New York posted the biggest monthly drop on worries about the European economy. China Petroleum and Chemical Co, also known as Sinopec, and China's largest oil refiner, fell 1.3 percent to close at 6.68 yuan. PetroChina Co lost 1 percent to 9.45 yuan. China Oilfield Services dropped 1.2 percent to 17.85 yuan.
Biopharmaceutical companies benefited from government's guideline on promoting emerging industries, including biotechnology. Kangmei Pharmaceutical Co added 1.1 percent to 12.67 yuan. Shandong Lukang Pharmaceutical Co jumped 4.5 percent to 5.53 yuan.
The benchmark Shanghai Composite Index lost 0.5 percent, or 12.42 points to 2,372.23 points. Turnover was 75.4 billion yuan (US$12 billion) at the trading close.
China's official PMI may drop to 51.5 in May from a 13-month high of 53.3 in April, according to a poll of 10 economists, fueling concern the economic slowdown is deepening.
HSBC's Flash China PMI, the earliest available indicator of China's industrial sector, fell to 48.7 in May, compared with 49.3 in April. A reading of 50 or higher generally indicates that activity is expanding.
China's official PMI and HSBC's PMI are slated for release tomorrow.
Oil companies fell after crude prices in New York posted the biggest monthly drop on worries about the European economy. China Petroleum and Chemical Co, also known as Sinopec, and China's largest oil refiner, fell 1.3 percent to close at 6.68 yuan. PetroChina Co lost 1 percent to 9.45 yuan. China Oilfield Services dropped 1.2 percent to 17.85 yuan.
Biopharmaceutical companies benefited from government's guideline on promoting emerging industries, including biotechnology. Kangmei Pharmaceutical Co added 1.1 percent to 12.67 yuan. Shandong Lukang Pharmaceutical Co jumped 4.5 percent to 5.53 yuan.
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