Shanghai shares dip 0.73% in morning session

By Ye Zhen | May 5, 2014, Monday |

Online Edition

SHANGHAI stocks declined this morning, dragged down by heavyweight distilleries, property developers and financial firms.

The key Shanghai Composite Index lost 0.73 percent, or 14.82 points, to 2,011.54. Turnover was 33.2 billion yuan (US$5.4 billion) by midday.

The market decline came after data showed China’s manufacturing sector was still contracting in April. The HSBC Manufacturing Purchasing Managers’ Index, a gauge of industrial activity slanted more toward private and export-oriented enterprises, rose to 48.1 in April, up slightly from 48 in March, HSBC Holdings PLC said today.

The index has been stayed below 50, a mark that divides contraction from expansion, for four months in a row, as the manufacturing sector remained sluggish.

A separate manufacturing index released last week by the National Bureau of Statistics rose to 50.4 in April from 50.3 in March. The official index measures manufacturing activities among state-owned enterprises.

Distilleries fell the most. Kweichow Moutai Co Ltd dropped 3.8 percent to 157.65 yuan. Shanxi Xinghuacun Fen Wine Factory Co Ltd lost 1.7 percent to 14.38 yuan.

Property developers declined after data from the Centaline Group showed new home sales in 54 monitored cities fell 47 percent during the Labor Day holiday from the same period last year.

Gemdale Corporation sank 3.3 percent to 8.01 yuan. Poly Real Estate Group Co Ltd dropped 3.4 percent to 7.38 yuan.

Financial shares were also weak. Shanghai Pudong Development Bank Co Ltd lost 1.4 percent to 9.63 yuan. China CITIC Bank Corp Ltd decreased 2.9 percent to 4.67 yuan.

Finance

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Shanghai shares dip 0.73% in morning session

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