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Shares fall again on weak factory data
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SHANGHAI stocks fell for a second day yesterday as weak factory data signalling continued economic woes overshadowed fresh government efforts to support the market.
The Shanghai Composite Index slid 1.2 percent to close at 3,166.62 points, narrowing from a loss of as much as 4.7 percent in the morning session.
Manufacturing shares of machinery and automakers dragged the market down on bleak factory activity data.
Data released yesterday showed China’s official manufacturing purchasing managers’ index fell from 50 in July to 49.7 in August, the lowest since August 2012. The Caixin PMI, which gauges activity in the private sector and small and medium firms, also fell to 47.3 in August, from July’s final reading of 47.8.
“This negative trend surprised markets and sent them tumbling as investors were expecting a macroeconomic rebound in the second half of 2015,” David Gaud, a Hong Kong-based senior fund manager of Edmond de Rothschild Asset Management, wrote in an e-mail.
The August data reflected the impact of the last market turmoil at the end of June and beginning of July and the subsequent market correction has left investors feeling helpless, Gaud wrote. He predicted the Shanghai index to stabilize between 2,700 and 3,000.
The market still fell yesterday despite fresh measures unveiled by the Chinese government late Monday to encourage mergers and acquisitions, cash dividends payment and share buy-back by listed companies in a latest bid to support the market.
“After launching emergency measures to halt market rout, the government now intends to establish a sound mechanism for long-term growth of the capital market,” said Dong Dezhi, analyst with Guosen Securities.
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