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Shanghai shares dip on weak service PMI
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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.
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