Shanghai shares slump in morning trading

By Zha Minjie | September 2, 2013, Monday |

Online Edition

Shanghai stocks fell this morning, paced by distilleries and property developers even though China’s official Purchasing Managers' Index pointed to an expansion in manufacturing activity in August.

The benchmark Shanghai Composite Index shed 0.13 percent to 2,095.74 points. The turnover was 77.7 billion yuan by midday.

"There are still many uncertainties in the long term despite short-term economic stabilization," said Chen Dexian, chief investment officer with Ping An Insurance Group. "As policymakers are focusing on deleveraging and reform, the market will feel liquidity strains in the second half of this year."

The official PMI, a comprehensive gauge of operating conditions in industrial companies, increased to 51 in August, the China Federation of Logistics and Purchasing said yesterday. The pace picked up from July’s 50.3 and June’s 50.1 and was the fastest since April 2012.

Kweichow Moutai Co, the nation’s biggest liquor maker by market value, fell the most in seven years after the distillery reported the slowest profit growth since 2001 when it went listed. Its share price slumped 9.38 percent to 152.94 yuan.

Everbright Securities Co, a brokerage that was fined a record 523.3 million yuan for insider trading on Friday, plunged 10 percent to 9.06 yuan this morning soon after resuming trading.

PetroChina Co Ltd, the listed arm of China National Petroleum Corp, dipped 0.26 percent to 7.81 yuan after Jiang Jiemin, the head of China's state-owned assets regulator, is probed for corruption on Sunday. Jiang used to be the chairman of China’s biggest energy company.

Finance

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Shanghai shares slump in morning trading

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