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Shanghai market plummets to new low in morning
By Feng Jianmin |
May 23, 2011, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock index dropped to the lowest in more than three months after data indicated that China's manufacturing growth may fell to the slowest in 10 months.
Shanghai Composite Index lost 1.93 percent to 2,803.15, the lowest since February 10. Turnover was 58.2 billion yuan (US$8.9 billion).
A preliminary reading of a purchasing managers' index was 51.1, a lowest in 10 months, HSBC Holdings Plc and Markit Economics said today. That compared to a final reading of 51.8 in April.
Property developers led the decliners. Jiangxi Zhongjiang Real Estate Co shed 7.4 percent to 9.88 yuan. China Merchants Development Co was down 3.4 percent to 17.56 yuan.
Steelmakers dropped. Inner Mongolian Baotou Steel Union Co slid 5.7 percent to 7.01 yuan. Baoshan Iron & Steel Co lost 1.5 percent to 6.50 yuan.
Agricultural related firms outperformed. Hunan Jinjian Cereals Industry Co jumped by the daily limit of 10 percent to 8.76 yuan.
Shanghai Composite Index lost 1.93 percent to 2,803.15, the lowest since February 10. Turnover was 58.2 billion yuan (US$8.9 billion).
A preliminary reading of a purchasing managers' index was 51.1, a lowest in 10 months, HSBC Holdings Plc and Markit Economics said today. That compared to a final reading of 51.8 in April.
Property developers led the decliners. Jiangxi Zhongjiang Real Estate Co shed 7.4 percent to 9.88 yuan. China Merchants Development Co was down 3.4 percent to 17.56 yuan.
Steelmakers dropped. Inner Mongolian Baotou Steel Union Co slid 5.7 percent to 7.01 yuan. Baoshan Iron & Steel Co lost 1.5 percent to 6.50 yuan.
Agricultural related firms outperformed. Hunan Jinjian Cereals Industry Co jumped by the daily limit of 10 percent to 8.76 yuan.
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