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Shanghai shares drop despite stronger manufacturing data
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SHANGHAI stocks traded lower this morning as data showing China’s manufacturing sector may have rebounded to a three-month high failed to ease concern about capital outflows.
The benchmark Shanghai Composite Index fell 0.9 percent, or 20.93 points, to 2,305.63. Turnover was 79.4 billion yuan (US$13 billion) by the noon break.
China’s six most actively traded exchange traded funds that track indexes measuring the performance of blue-chip shares have seen 5.37 billion yuan of redemption this month, the Securities Times reported, citing data from the Shanghai and Shenzhen exchanges.
Analysts said the redemption indicated a bout of profit taking by institutional investors, who are pessimistic about the outlook of blue chips.
Worries that new share sales will divert funds from existing shares also weighed on the market as three companies started to take subscriptions for their initial public offerings today, to be followed by another six companies tomorrow.
The market fell despite data showing the flash HSBC manufacturing purchasing managers’ index rose to a three-month high of 50.4 in October, slightly up from a final reading of 50.2 in September.
But the sub indexes are not as encouraging as the headline index, with new orders sub-index edging down to 51.4 from 51.5 in September and new export orders falling to 52.8 from 54.5.
“Mixed signals from leading indicators do suggest that growth momentum has only succeeded in stabilizing and that more policy easing is needed to achieve a certain speed of growth,” analysts with Nomura said in a note today.
Gold shares declined after gold prices eased from a six-week high on stronger US dollar. Zhongjin Gold fell 2.9 percent to 8.28 yuan. Zijin Mining Group lost 2.8 percent o 2.44 yuan.
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