Shanghai stocks dip on weaker PMI data
By Ye Zhen |
March 2, 2013, Saturday
|
Print Edition
Print Edition
SHANGHAI stocks retreated yesterday after data showed China's manufacturing activity moderated to a five-month low in February.
The benchmark Shanghai Composite Index shed 0.26 percent to 2,359.51 points. The index gained 1.96 percent for the week.
China's official Purchasing Managers' Index, a gauge of manufacturing activity, dropped to 50.1 in February from January's 50.4, the National Bureau of Statistics said yesterday. The figure was the weakest in five months, fueling concerns about the recovery.
A reading of 50 or above indicates activity is expanding.
"Despite the effect of the week-long Spring Festival holiday, the falling PMI figure confirmed a weak economic recovery," Ping An Securities said in a report yesterday. "Re-stocking activity among factories receded because demand was still flabby as indicated by decreasing new orders and raw material prices."
China Life Insurance led declines among insurers, falling 2.9 percent to 18.36 yuan (US$2.95), after the country's biggest insurer said its 2012 net profit may drop 40 percent.
The benchmark Shanghai Composite Index shed 0.26 percent to 2,359.51 points. The index gained 1.96 percent for the week.
China's official Purchasing Managers' Index, a gauge of manufacturing activity, dropped to 50.1 in February from January's 50.4, the National Bureau of Statistics said yesterday. The figure was the weakest in five months, fueling concerns about the recovery.
A reading of 50 or above indicates activity is expanding.
"Despite the effect of the week-long Spring Festival holiday, the falling PMI figure confirmed a weak economic recovery," Ping An Securities said in a report yesterday. "Re-stocking activity among factories receded because demand was still flabby as indicated by decreasing new orders and raw material prices."
China Life Insurance led declines among insurers, falling 2.9 percent to 18.36 yuan (US$2.95), after the country's biggest insurer said its 2012 net profit may drop 40 percent.
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