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Shanghai stocks sag on weak manufacturing data
By Ye Zhen |
August 23, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks retreated this morning after data showed the nation's manufacturing activity may have weakened to an nine-month low in August.
The key Shanghai Composite Index shed 0.18 percent, or 3.74 points to 2,103.97 points. Turnover stood at 26.4 billion yuan (US$4.2 billion) at midday.
A preliminary reading of HSBC's China Purchasing Managers' Index fell in August to 47.8, the lowest in nine months, HSBC Holdings PLC announced today. The index climbed to a three-month high of 49.3 in July.
Compared with the official PMI reading, the HSBC China PMI is slanted more towards private and export-oriented companies. A reading above 50 indicates the manufacturing sector is expanding.
Distilleries led the market down. Kweichow Moutai Co, a leading producer of high-end liquor in China, dropped 1.6 percent to 228.48 yuan. Sichuan Tuopai Shede Wine Co slumped 2.3 percent to 32.35 yuan. Sichuan Swellfun Co shed 1.4 percent to 26.24 yuan.
Poly Real Estate, the nation's second largest developer, fell 1.1 percent to 9.39 yuan as its first-half net profit lost 10.2 percent from a year earlier to 2.5 billion yuan, the weakest performance since it was listed in 2006. Gemdale Corporation edged down 0.6 percent to 5 yuan. China Vanke, the nation's biggest developer, slipped 0.4 percent to 8.11 yuan.
Gold stocks gained after spot gold hit its highest since May in New York on speculation the US Federal Reserve may launch another round of monetary stimulus soon. Zijin Mining Group Co, the nation's largest gold producer, increased 1.8 percent to 3.90 yuan. Shandong Gold Mining Co added 2.1 percent to 35.90 yuan. Zhongjin Gold Corp gained 1 percent to 15.13 yuan.
The key Shanghai Composite Index shed 0.18 percent, or 3.74 points to 2,103.97 points. Turnover stood at 26.4 billion yuan (US$4.2 billion) at midday.
A preliminary reading of HSBC's China Purchasing Managers' Index fell in August to 47.8, the lowest in nine months, HSBC Holdings PLC announced today. The index climbed to a three-month high of 49.3 in July.
Compared with the official PMI reading, the HSBC China PMI is slanted more towards private and export-oriented companies. A reading above 50 indicates the manufacturing sector is expanding.
Distilleries led the market down. Kweichow Moutai Co, a leading producer of high-end liquor in China, dropped 1.6 percent to 228.48 yuan. Sichuan Tuopai Shede Wine Co slumped 2.3 percent to 32.35 yuan. Sichuan Swellfun Co shed 1.4 percent to 26.24 yuan.
Poly Real Estate, the nation's second largest developer, fell 1.1 percent to 9.39 yuan as its first-half net profit lost 10.2 percent from a year earlier to 2.5 billion yuan, the weakest performance since it was listed in 2006. Gemdale Corporation edged down 0.6 percent to 5 yuan. China Vanke, the nation's biggest developer, slipped 0.4 percent to 8.11 yuan.
Gold stocks gained after spot gold hit its highest since May in New York on speculation the US Federal Reserve may launch another round of monetary stimulus soon. Zijin Mining Group Co, the nation's largest gold producer, increased 1.8 percent to 3.90 yuan. Shandong Gold Mining Co added 2.1 percent to 35.90 yuan. Zhongjin Gold Corp gained 1 percent to 15.13 yuan.
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