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Shanghai stocks fall ahead of October PMI report
By Ye Zhen |
October 23, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks slumped the most in nearly four weeks amid uncertainty over the nation's economy ahead of tomorrow's release of China's Purchasing Managers Index for October.
The key Shanghai Composite Index lost 0.86 percent, or 18.31 points, to close at 2,114.45 points, with a daily turnover of 54 billion yuan (US$8.5 billion).
There is still uncertainty whether the recent improvement of economic data will endure, said GF Securities. The PMI reading for October will hold clues to China's economic reality, the brokerage said.
A moderating growth of the nation's tax revenue also weighed on the market sentiment. Tax revenues across the country rose 8.6 percent year on year to 7.74 trillion yuan in the first nine months, the Ministry of Finance said yesterday. It was 18.8 percentage points down from a year ago.
The ministry attributed the slowdown to sluggish economy, falling prices, slower home sales and imports, and structural tax reduction.
Weak market sentiment and decreasing turnover cut the stamp tax income by 32.3 percent from a year earlier to 25.1 billion yuan in the first three quarters.
Distilleries were the most bearish. Kweichow Moutai Co, a leading producer of high-end liquor in China, lost 2.3 percent to 244.70 yuan. Shanxi Xinghuacun Fen Wine Factory Co fell 3.6 percent to 43.48 yuan. Sichuan Tuopai Shede Wine Co shed 3.7 percent to 32.64 yuan.
Cement producers also fell. Anhui Conch Cement Co, China's biggest cement producer, slumped 4 percent to 16.24 yuan. Gansu Qilianshan Cement Group Co lost 3.7 percent to 10.53 yuan.
The key Shanghai Composite Index lost 0.86 percent, or 18.31 points, to close at 2,114.45 points, with a daily turnover of 54 billion yuan (US$8.5 billion).
There is still uncertainty whether the recent improvement of economic data will endure, said GF Securities. The PMI reading for October will hold clues to China's economic reality, the brokerage said.
A moderating growth of the nation's tax revenue also weighed on the market sentiment. Tax revenues across the country rose 8.6 percent year on year to 7.74 trillion yuan in the first nine months, the Ministry of Finance said yesterday. It was 18.8 percentage points down from a year ago.
The ministry attributed the slowdown to sluggish economy, falling prices, slower home sales and imports, and structural tax reduction.
Weak market sentiment and decreasing turnover cut the stamp tax income by 32.3 percent from a year earlier to 25.1 billion yuan in the first three quarters.
Distilleries were the most bearish. Kweichow Moutai Co, a leading producer of high-end liquor in China, lost 2.3 percent to 244.70 yuan. Shanxi Xinghuacun Fen Wine Factory Co fell 3.6 percent to 43.48 yuan. Sichuan Tuopai Shede Wine Co shed 3.7 percent to 32.64 yuan.
Cement producers also fell. Anhui Conch Cement Co, China's biggest cement producer, slumped 4 percent to 16.24 yuan. Gansu Qilianshan Cement Group Co lost 3.7 percent to 10.53 yuan.
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