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Shanghai shares fall back after hitting 8-month high
By Ye Zhen |
January 24, 2013, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks dipped this morning after it soared close to an eight-month high on a report that Chinese manufacturing may have rebounded to a two-year high in January.
The key Shanghai Composite Index shed 0.07 percent to 2,319.18 points after reaching 2,362.94 points, the highest since May 29. Turnover was 78.1 billion yuan (US$12.6 billion) at midday.
HSBC's Flash China Purchasing Managers' Index, an early indicator of manufacturing activity slanted more towards private and export-oriented firms, climbed to 51.9 this month, from 51.5 in December, HSBC Holdings PLC said today.
A reading above 50 indicates the activity is expanding.
"January's PMI made a good start for the year by rising for the fifth straight month to a two-year high," said Qu Hongbin, chief economist for China at HSBC. "Although the external demand remains weak, inventory replenishment among domestic enterprises will continue to boost economic recovery."
Environment-related stocks declined the most. Beijing Capital Co, a company specializing in sewage disposal, dropped 1.5 percent to 4.45 yuan. Tianjin Capital Environmental Protection Group decreased 2.6 percent to 5.34 yuan.
Lenders gained among financial stocks on speculation their shares are undervalued. ICBC, the nation's largest lender, added 1.7 percent to 4.26 yuan. China Construction Bank added 1.3 percent to 4.75 yuan. Agricultural Bank of China rose 1.4 percent to 2.87 yuan.
The key Shanghai Composite Index shed 0.07 percent to 2,319.18 points after reaching 2,362.94 points, the highest since May 29. Turnover was 78.1 billion yuan (US$12.6 billion) at midday.
HSBC's Flash China Purchasing Managers' Index, an early indicator of manufacturing activity slanted more towards private and export-oriented firms, climbed to 51.9 this month, from 51.5 in December, HSBC Holdings PLC said today.
A reading above 50 indicates the activity is expanding.
"January's PMI made a good start for the year by rising for the fifth straight month to a two-year high," said Qu Hongbin, chief economist for China at HSBC. "Although the external demand remains weak, inventory replenishment among domestic enterprises will continue to boost economic recovery."
Environment-related stocks declined the most. Beijing Capital Co, a company specializing in sewage disposal, dropped 1.5 percent to 4.45 yuan. Tianjin Capital Environmental Protection Group decreased 2.6 percent to 5.34 yuan.
Lenders gained among financial stocks on speculation their shares are undervalued. ICBC, the nation's largest lender, added 1.7 percent to 4.26 yuan. China Construction Bank added 1.3 percent to 4.75 yuan. Agricultural Bank of China rose 1.4 percent to 2.87 yuan.
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