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Shanghai shares down 0.94% in morning trading
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SHANGHAI stocks declined this morning, dragged down by property developers and metal producers.
The benchmark Shanghai Composite Index lost 0.94 percent, or 19.08 points, to 2,019.22. Half-day turnover was 30.9 billion yuan (US$5 billion).
The market slumped despite new data showed China’s economy picked up in May.
The official non-manufacturing purchasing managers’ index, a gauge of vitality of mostly state-owned service enterprises, rose to 55.5 in May, the best in six months, the National Bureau of Statistics and the China Federation of Logistics and Purchasing said yesterday.
Meanwhile, a separate report by HSBC Holding Plc showed China’s manufacturing activity in private and export-oriented firms picked up last month but still contracted for a fifth straight month.
“Although data showed China’s economy is warming up slightly, investors are waiting for more clear signals of economic rebound,” said Qiao Qian, analyst at Haitong Securities.
“There is also concern that new shares to be issued as early as next week may divert funds from existing shares,” Qiao added.
Property developers declined. China Fortune Land lost 7 percent to 24.56 yuan. Poly Real Estate, China’s second-largest developer, fell 2.8 percent to 4.86 yuan.
Metal producers also retreated. Jilin Jien Nickel Industry slipped 7.3 percent to 14.81 yuan. Jinduicheng Molybdenum declined 4.3 percent to 6.49 yuan.
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