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Shanghai stocks dip despite upbeat data
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Shanghai shares edged down in morning trading as the gains of energy stocks were offset by withering financial shares although official data showed that China’s non-manufacturing sector expanded faster in October.
The Shanghai Composite Index, which tracks the bigger bourse on the mainland, dipped 0.05 percent to 2,148.59 by midday. Half-day turnover was 39.1 billion yuan (US$6.4 billion).
The non-manufacturing Purchasing Managers’ Index rose to 56.3 in October from 55.4 in September, the National Bureau of Statistics and the China Federation of Logistics and Purchasing said yesterday. It was the highest figure in 12 months.
Beijing Capital Co, a key energy supplier in the capital city, rose 2.12 percent to 7.12 yuan. Huaneng Power International Inc added 0.17 percent to 5.80 yuan.
Banks dropped amid concerns about a build-up in non-performing assets. Shanghai Pudong Development Bank eased 0.86 percent to 10.33 yuan. Bank of China lost 0.35 percent to 2.82 yuan. Industrial and Commercial Bank of China decreased 0.26 percent to 3.83 yuan.
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