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Shanghai shares down on weak industrial data
By Feng Jianmin |
September 1, 2011, Thursday
|
Online Edition
Online Edition
SHANGHAI'S key stock index dipped in the morning session after China's industrial data showed slow expansion of manufacturing activities, but the growth of export, domestic consumption, and investment may all fell in the future.
The benchmark Shanghai Composite Index edged down 0.19 percent to 2,562.52 points in the morning session. Turnover fell to 31.4 billion yuan (US$4.9 billion) from yesterday morning's 33.8 billion yuan.
The official Purchasing Managers' Index, a comprehensive gauge of manufacturing activities across the country, rose to 50.9 percent in August from 50.7 percent in June, the China Federation of Logistics and Purchasing said today.
Zhang Liqun, an analyst with the federation, said the rebound of the index, though small, was a sign of stabilizing economy. But he noted that a sub-index for new export orders dropped significantly, which signals a possible drop in growth of exports.
He also warned of rising costs and possible slowdown of investment in property and consumption.
"We should closely monitor the trend of slowing economic growth," Zhang said.
Property developers dropped. Hainan Zhenghe Industrial Group Co slid 3.9 percent to 7.21 yuan. Shanghai AJ Corp dipped 0.2 percent to 9.04 yuan.
Ping An Insurance Co rose 1.1 percent to 41.17 yuan, leading gains of insurers after Shanghai Securities News said China may allow domestic insurers to invest in derivatives in Hong Kong. Currently, mainland insurance companies may buy only stocks, bonds and funds in Hong Kong. China Pacific Insurance Co edged up 0.4 percent to 20.80 yuan.
The benchmark Shanghai Composite Index edged down 0.19 percent to 2,562.52 points in the morning session. Turnover fell to 31.4 billion yuan (US$4.9 billion) from yesterday morning's 33.8 billion yuan.
The official Purchasing Managers' Index, a comprehensive gauge of manufacturing activities across the country, rose to 50.9 percent in August from 50.7 percent in June, the China Federation of Logistics and Purchasing said today.
Zhang Liqun, an analyst with the federation, said the rebound of the index, though small, was a sign of stabilizing economy. But he noted that a sub-index for new export orders dropped significantly, which signals a possible drop in growth of exports.
He also warned of rising costs and possible slowdown of investment in property and consumption.
"We should closely monitor the trend of slowing economic growth," Zhang said.
Property developers dropped. Hainan Zhenghe Industrial Group Co slid 3.9 percent to 7.21 yuan. Shanghai AJ Corp dipped 0.2 percent to 9.04 yuan.
Ping An Insurance Co rose 1.1 percent to 41.17 yuan, leading gains of insurers after Shanghai Securities News said China may allow domestic insurers to invest in derivatives in Hong Kong. Currently, mainland insurance companies may buy only stocks, bonds and funds in Hong Kong. China Pacific Insurance Co edged up 0.4 percent to 20.80 yuan.
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