Shares drop on lukewarm PMI
Print Edition
SHANGHAI stocks fell sharply yesterday from a significant rebound on Tuesday after new official data showed China’s manufacturing was flat again in June.
The Shanghai Composite Index tumbled 5.23 percent to 4,053.70 points after it rose 5.53 percent on Tuesday.
An official survey of maunfacturing activity in China indicated that large factories continued to expand modestly in June.
The manufacturing purchasing managers’ index posted 50.2 in June, flat from May.
Jiangxi Hongdu Aviation Industry Co fell by the daily 10 percent limit to 31.12 yuan(US$5.02), CSSC Steel Structure Engineering Co plunged 9.87 percent to 25.92 yuan, while Xinjiang Qingsong Building Materials and Chemicals Co tumbled 9.88 percent to 8.85 yuan.
Nomura Securities sees one more 50 basis point cut to bank reserve requirement ratio and another 25 basis point trim in benchmark interest rate.
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