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Shanghai shares fall as China PMI sinks to 3-month low
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Shanghai stocks declined the most in more than one month after data showed China’s manufacturing activity may have slowed to a three-month low.
The benchmark Shanghai Composite Index dropped 1.6 percent, the biggest daily loss since November 13, to settle at 2,160.86 points. Daily turnover was 86.4 billion yuan (US$14.2 billion).
HSBC’s Flash China Purchasing Managers’ Index, the earliest indicator of the country’s manufacturing activity, fell in December to 50.5, compared with the final figure of 50.8 in November, HSBC Holdings PLC announced today.
The reading is the lowest in three months. A reading of 50 or higher indicates that activity is expanding.
“The decline in the flash PMI suggests the growth momentum began to weaken,” Zhang Zhiwei, chief economist for China at Nomura Holdings Inc, said in a note today.
“We believe this trend will continue in the first half of 2014 as interest rates keep rising and pushing up companies’ financial costs,” Zhang said.
State-owned enterprises in Shanghai declined due to growing uncertainty ahead of the release of a reform plan tomorrow.
SGSB Group Co Ltd slumped 6.5 percent to 11.03 yuan. Shanghai Maling Aquarius Co Ltd plunged by the daily limit of 10 percent to 9.56 yuan. Shanghai Lansheng Corp fell 7.1 percent to 16.43 yuan.
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