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Shanghai shares decline on falling flash PMI
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Shanghai stocks ended lower today after data showed China’s manufacturing sector may have contracted in January for the first time in six months, despite cash injection by the central bank.
The benchmark Shanghai Composite Index shed 0.47 percent, or 9.57 points, to 2,042.18. Daily turnover was 76.1 billion yuan (US$12.5 billion).
HSBC’s Flash China Purchasing Managers’ Index, a preliminary gauge of manufacturing activity slanted more towards private and export-oriented firms, fell this month to 49.6, compared with the final figure of 50.5 in December, HSBC Holdings PLC announced today.
The index fell below the 50 threshold that separates expansion from contraction for the first time in six months.
Zhang Zhiwei, chief China economist at Nomura Holdings Inc, said the weak PMI reading suggested that rising interest rates since June 2013 have started to have an impact on the real economy.
Nomura expects China’s economic growth to slow in the first half of 2014 and bottom in the second quarter at 7.1 percent.
The market declined despite liquidity injection by the People’s Bank of China which released 120 billion yuan into the banking system today via 21-day reverse repurchase agreements after an infusion of 255 billion yuan on Tuesday.
Shares of eight companies that made their initial public offerings on the Shenzhen market today all surged more than 45 percent, pushing up by pent-up demand after a 14-month IPO halt.
Xiao Gang, chairman of the China Securities Regulatory Commission, said yesterday that China’s capital market is in the position to introduce the registration-based IPO system.
Coal miners fell the most. Shanxi Lu'an Environmental Energy Development Co Ltd slid 3.1 percent to 9.04 yuan. Yang Quan Coal Industry (Group) Co Ltd lost 2.2 percent to 6.27 yuan.
Lenders tumbled among financial counters. China Minsheng Banking Corp Ltd sank 1.4 percent to 7.05 yuan. Shanghai Pudong Development Bank Co Ltd decreased 1.3 percent to 9.22 yuan.
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