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Shanghai index slips 0.3% on weak PMI data
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Shanghai stocks closed lower on the first trading day of 2014 after data showed China’s manufacturing activity lost momentum in December, fueling concerns about economic slowdown.
The benchmark Shanghai Composite Index shed 0.3 percent, or 6.59 points, to close at 2,109.39. Turnover was 61.9 billion yuan (US$10.1 billion).
HSBC’s China Purchasing Managers’ Index, a gauge of manufacturing activity slanted more towards private and export-oriented firms, fell to a three-month low of 50.5 last month, down from 50.8 in November, HSBC Holdings PLC announced today.
A reading of 50 or above indicates the activity is expanding.
The decline echoed a drop in China’s official Purchasing Managers’ Index, which slid to 51 in December from 51.4 in November, the National Bureau of Statistics said yesterday. This is the first moderation since June and the reading was the lowest since August.
“The figure is consistent with our view that the third-quarter marked the peak of the latest round of economic recovery and the industrial activity eased towards the year-end,” Zhu Haibin, chief economist for China at JPMorgan.
Zhu said the slowdown was due to a shift in policy stance from stabilizing growth in the third quarter towards structural reform in the fourth quarter.
The investment bank expects the pace of China’s economic growth to ease to 7.4 percent in 2014, from 7.6 percent in 2013.
Coal industry declined the most. Shanxi Lu'an Environmental Energy Development Co Ltd lost 2.5 percent to 10.40 yuan. China Shenhua Energy Co Ltd dropped 1.2 percent to 15.63 yuan. Yang Quan Coal Industry (Group) Co Ltd slipped 2.3 percent to 6.90 yuan.
Brokerages went through a downward correction after surging on the reboot of initial public offerings. CITIC Securities, China’s biggest brokerage, shed 1.3 percent to 12.59 yuan. Southwest Securities Co Ltd lost 1.8 percent to 9.75 yuan.
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