Shares fall again as investors take profits
Print Edition
SHANGHAI stocks yesterday fell for the second day after a big tumble on Tuesday as investors took profit in blue chips amid weak industrial data and rising export pressure.
The Shanghai Composite Index lost 1.62 percent to 4,229.27 points.
Blue chips, including shares of electricity, coal, cement, steel, gas and oil industries, led the market decline after an HSBC survey showed China’s factory activities contracted at the fastest rate in a year in April, suggesting continued downward pressure on the Chinese economy.
The HSBC Purchasing Managers’ Index for China’s manufacturing sector in April stood at 48.9, below the market forecast of 49.4 and preliminary reading of 49.2.
Shandong Iron and Steel Co dropped 6.67 percent to 4.48 yuan (72 US cents), Yunnan Coal & Energy Co shed 5.9 percent to 7.97 yuan, and Sichuan Minjiang Hydropower Co sank 6.23 percent to 9.03 yuan.
The Ministry of Commerce also said Chinese exports become more costly and less competitive when countries use currency depreciation to bolster their exports and economic growth.
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