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Shanghai shares down 1.43% as PMI hits 3-month low
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Shanghai stocks slumped in morning trading after data showed China’s manufacturing activity may have slowed to a three-month low.
The benchmark Shanghai Composite Index lost 1.43 percent, or 31.33 points, to 2,164.75 by the noon break. Half-day turnover was 50.6 billion yuan (US$8.3 billion).
HSBC’s Flash China Purchasing Managers’ Index, the earliest indicator of the country’s manufacturing activity, fell in December to 50.5, compared with the final figure of 50.8 in November, HSBC Holdings PLC announced today.
The reading is the lowest in three months. A reading of 50 or higher generally indicates that activity is expanding.
“The decline in the flash PMI suggests the growth momentum began to weaken,” Zhang Zhiwei, chief economist for China at Nomura Holdings Inc, said in a note today.
“We believe this trend will continue in the first half of 2014 as interest rates keep rising and pushing up companies’ financial costs,” Zhang said.
State-owned enterprises in Shanghai declined due to growing uncertainty ahead of the release of a reform plan tomorrow.
SGSB Group Co Ltd plunged 8.8 percent to 10.75 yuan. Shanghai Maling Aquarius Co Ltd tumbled 8.5 percent to 9.72 yuan. Shanghai Lansheng Corp fell 6.7 percent to 16.50 yuan.
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