Related News
Shanghai index slumps 1.24% on poor service data
Online Edition
Shanghai stocks tumbled today as a slowdown in China’s service sector added to investors’ worries about the health of the world’s second-largest economy. Liquidity concern also weighed on the market.
The benchmark Shanghai Composite Index lost 1.24 percent, or 26.25 points, to 2,083.14. Turnover was 72.4 billion yuan (US$11.9) at the trading close. The index ended 0.86 percent lower this week.
The China Service Purchasing Managers’ Index, a gauge of business activity in non-manufacturing sectors, fell for a second straight month in December to 54.6, the National Bureau of Statistics said today.
The figure was 56 in November and 56.3 in October. A reading of 50 or higher indicates that activity is expanding.
The poor data followed drops in both the official PMI and HSBC PMI for the manufacturing sector, fuelling uncertainty about China’s economy.
“The data indicated a clear downward trend in fundamentals,” CITIC Securities said in a note today. “Meanwhile, tight liquidity and the resumption of IPOs are also depressing the A-share market,” said the broker.
Five companies have received regulatory approval to go public on mainland bourses, bringing the total number of domestic companies allowed to sell their shares to 16.
Financial stocks were among the big losers. Haitong Securities slumped 4 percent to 10.77 yuan. Soochow Securities Co lost 4 percent to 8.15 yuan. Industrial Bank Co Ltd shed 2.5 percent to 9.73 yuan.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
