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Shanghai shares drop 0.4% on weak service PMI
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SHANGHAI stocks retreated this morning after data showed the growth of China’s non-manufacturing sector moderated in April, raising concerns about economic slowdown.
The benchmark Shanghai Composite Index lost 0.4 percent, or 7.66 points, to 2,020.38. Turnover was 28.8 billion yuan (US$4.6 billion) by midday.
The HSBC China Services Purchasing Managers Index (PMI), a gauge of non-manufacturing activity at private and export-oriented companies, fell to 51.4 in April from 51.9 in March, HSBC Holdings Plc reported today. A reading of 50 or higher indicates the activity is expanding.
The market decline also came after the People’s Bank of China released its first-quarter report yesterday and said it would maintain a prudent monetary policy with timely fine-tuning. The central bank said China’s economic growth may slow as the country changes the growth model.
“This indicates the government is tolerant of a slowdown and is inclined to boost growth through more reforms, rather than monetary easing,” said Zhang Zhiwei, an economist with Nomura.
Property developers continued the losing streak. Shanghai Industrial Development Co Ltd lost 1.1 percent to 6.99 yuan. Poly Real Estate, China’s second-largest developer, shed 0.3 percent to 7.26 yuan.
Cement producers also declined. Shaanxi Qinling Cement (Group) Co Ltd slumped 4.6 percent to 4.93 yuan. Fujian Cement Inc fell 3.1 percent to 6.49 yuan.
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