Related News
Shanghai shares drop on concern over service sector
By Ye Zhen |
January 4, 2013, Friday
|
Online Edition
Online Edition
SHANGHAI stocks fell this morning after data showed China's non-manufacturing sector expanded at the slowest pace in 16 months.
The key Shanghai Composite Index lost 0.21 percent to 2,264.25 points. Turnover reached 71.6 billion yuan (US$11.5 billion) by midday.
HSBC China Service Purchasing Managers Index, a gauge of non-manufacturing activities in private and export-oriented sectors, fell for a third straight month in December in 2012 to a 16-month low of 51.7, down from 52.1 in November, HSBC Holdings Plc and Markit Economics reported today.
A reading of 50 or higher indicates that activity is expanding.
The dwindling momentum in service sector may add to concern about China's economic recovery but analysts remain upbeat.
"Although the service PMI posted a slight decline in December, the accelerated growth in new orders and employments indicates the underlying momentum of service industry is gathering pace," said Qu Hongbin, HSBC's chief economist for China.
"As the manufacturing sector continued to pick up, China's economy is expected to grow at about 8 percent in the fourth quarter in 2012," Qu added.
Most cement producers fell. Gansu Qilianshan Cement Group Co dropped 3 percent to 10.27 yuan. Fujian Cement Inc lost 2.5 percent to 7.12 yuan.
Brokerages also declined. Citic Securities, the biggest listed brokerage, fell 1.3 percent to 13.18 yuan. Sinolink Securities Co decreased 1.9 percent to 17.51 yuan. China Merchants Securities Co shed 2 percent to 10.34 yuan.
The key Shanghai Composite Index lost 0.21 percent to 2,264.25 points. Turnover reached 71.6 billion yuan (US$11.5 billion) by midday.
HSBC China Service Purchasing Managers Index, a gauge of non-manufacturing activities in private and export-oriented sectors, fell for a third straight month in December in 2012 to a 16-month low of 51.7, down from 52.1 in November, HSBC Holdings Plc and Markit Economics reported today.
A reading of 50 or higher indicates that activity is expanding.
The dwindling momentum in service sector may add to concern about China's economic recovery but analysts remain upbeat.
"Although the service PMI posted a slight decline in December, the accelerated growth in new orders and employments indicates the underlying momentum of service industry is gathering pace," said Qu Hongbin, HSBC's chief economist for China.
"As the manufacturing sector continued to pick up, China's economy is expected to grow at about 8 percent in the fourth quarter in 2012," Qu added.
Most cement producers fell. Gansu Qilianshan Cement Group Co dropped 3 percent to 10.27 yuan. Fujian Cement Inc lost 2.5 percent to 7.12 yuan.
Brokerages also declined. Citic Securities, the biggest listed brokerage, fell 1.3 percent to 13.18 yuan. Sinolink Securities Co decreased 1.9 percent to 17.51 yuan. China Merchants Securities Co shed 2 percent to 10.34 yuan.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
