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Shanghai index slips 0.54% on weak PMI data
By Ye Zhen |
March 1, 2013, Friday
|
Online Edition
Online Edition
SHANGHAI stocks retreated this morning after data showed China's manufacturing sector declined in February.
The benchmark Shanghai Composite Index lost 0.54 percent to 2,352.92 points. Turnover was 60 billion yuan (US$9.7 billion) by midday.
China's official Purchasing Managers' Index, a gauge of manufacturing activity slanted more towards state-owned firms, dropped to 50.1 in February, down from January's 50.4, according to the National Bureau of Statistics. A reading of 50 or above indicates the activity is expanding.
The figure was the weakest in five months, fuelling concerns over the recovery of the world's second-largest economy.
A separate report released by HSBC Holdings PLC today showed that manufacturing activity at private and export-oriented firms also cooled in February. The HSBC China PMI slid to 50.4 from a two-year high of 52.3 in January.
China Life Insurance led the decline of insurers, falling 2.6 percent to 18.40 yuan, after the country's biggest insurer said its net profit in 2012 may drop 40 percent. Ping An Insurance Co, China's second-largest insurer, lost 1.9 percent to 46.18 yuan. China Pacific Insurance Co decreased 2.4 percent to 19.73 yuan.
Property developers slumped. Poly Real Estate, China's second-largest developer, shed 2 percent to 12.57 yuan. Gemdale Corporation lost 1.7 percent to 7.13 yuan.
The benchmark Shanghai Composite Index lost 0.54 percent to 2,352.92 points. Turnover was 60 billion yuan (US$9.7 billion) by midday.
China's official Purchasing Managers' Index, a gauge of manufacturing activity slanted more towards state-owned firms, dropped to 50.1 in February, down from January's 50.4, according to the National Bureau of Statistics. A reading of 50 or above indicates the activity is expanding.
The figure was the weakest in five months, fuelling concerns over the recovery of the world's second-largest economy.
A separate report released by HSBC Holdings PLC today showed that manufacturing activity at private and export-oriented firms also cooled in February. The HSBC China PMI slid to 50.4 from a two-year high of 52.3 in January.
China Life Insurance led the decline of insurers, falling 2.6 percent to 18.40 yuan, after the country's biggest insurer said its net profit in 2012 may drop 40 percent. Ping An Insurance Co, China's second-largest insurer, lost 1.9 percent to 46.18 yuan. China Pacific Insurance Co decreased 2.4 percent to 19.73 yuan.
Property developers slumped. Poly Real Estate, China's second-largest developer, shed 2 percent to 12.57 yuan. Gemdale Corporation lost 1.7 percent to 7.13 yuan.
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