Shanghai shares dip on weak service PMI

By Ye Zhen | June 5, 2014, Thursday |

Online Edition

SHANGHAI stocks edged down this morning after data showed China’s private service sector grew at a slower pace last month.

The key Shanghai Composite Index shed 0.04 percent, or 0.8 points, to 2,024.04. Half-day turnover was 25.7 billion yuan (US$4.1 billion).

HSBC China Service Purchasing Managers Index (PMI), a gauge of non-manufacturing activity at private and export-oriented firms, fell in May to 50.7 from April’s 51.4, HSBC Holdings Plc and Markit Economics reported today.

A reading of 50 or higher indicates the activity is expanding.

Concerns that a cooling property market would weigh on economic growth also clouded the market.

“We fear that contraction in construction activity could lead to a major slowdown of overall economic growth unless more stimulus measures are taken,” said Dariusz Kowalczyk, senior Asia economist for Credit Agricole CIB.

Cement and building materials stocks fell the most. Anhui Conch Cement lost 0.12 percent to 16.23 yuan. Ningxia Building Materials lost 1.8 percent to 7.65 yuan.

Finance

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

Shanghai shares dip on weak service PMI

Email this to your friend