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Shanghai shares drop on worry about manufacturing
By Feng Jianmin |
July 21, 2011, Thursday
|
Online Edition
Online Edition
SHANGHAI'S key stock index fell for the fourth day after data showed China's manufacturing may have contracted for the first time in a year in July.
The benchmark Shanghai Composite Index lost 0.62 percent to 2,776.93 points. Turnover was the same as yesterday morning's 54.9 billion yuan (US$ 8.5 billion).
A preliminary data for a purchasing managers' index released by HSBC Holdings Plc and Markit Economics showed that the gauge fell to 48.9 in July from June's 50.1. A reading above 50 indicates expansion.
The final July reading is due on August 1.
Meanwhile, liquidity continues to be tightened as the benchmark money rate rose for the fifth day to 5.77 percent today.
Metal producers dropped on concerns that demand may fall on slower manufacturing activities. Jiangxi Copper Co shed 2.1 percent to 36 yuan. Yunnan Copper Co dropped 1.6 percent to 22.20 yuan.
Banks were weak. China Merchants Bank lost 0,7 percent to 12.65 yuan. Agricultural Bank of China fell 0.7 percent to 2.70 yuan.
The benchmark Shanghai Composite Index lost 0.62 percent to 2,776.93 points. Turnover was the same as yesterday morning's 54.9 billion yuan (US$ 8.5 billion).
A preliminary data for a purchasing managers' index released by HSBC Holdings Plc and Markit Economics showed that the gauge fell to 48.9 in July from June's 50.1. A reading above 50 indicates expansion.
The final July reading is due on August 1.
Meanwhile, liquidity continues to be tightened as the benchmark money rate rose for the fifth day to 5.77 percent today.
Metal producers dropped on concerns that demand may fall on slower manufacturing activities. Jiangxi Copper Co shed 2.1 percent to 36 yuan. Yunnan Copper Co dropped 1.6 percent to 22.20 yuan.
Banks were weak. China Merchants Bank lost 0,7 percent to 12.65 yuan. Agricultural Bank of China fell 0.7 percent to 2.70 yuan.
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