Shares fall to more than 46-month low
By Ye Zhen |
December 4, 2012, Tuesday
|
Print Edition
Print Edition
SHANGHAI stocks yesterday fell to a fresh low in over 46 months as concern over market liquidity clouded a likely recovery in China's manufacturing sector.
The Shanghai Composite Index shed 1 percent to 1,959.77 points, the lowest close since January 16, 2009.
"Investor sentiment sank amid concerns that the unlocking of non-tradable shares, a possible surge of new IPOs and the expansion of over-the-counter equity market may drain liquidity from the stock market," Galaxy Securities said in a report yesterday. But it said an improving economy may limit the market's decline.
HSBC's China Purchasing Managers' Index climbed in November to a 13-month high of 50.5, from a final reading of 49.5 in October, HSBC Holdings Plc said yesterday.
"The index climbed on rising new orders and growing production, confirming that China's economy continues to recover toward the year-end," said Qu Hongbin, HSBC's chief economist for China.
The Shanghai Composite Index shed 1 percent to 1,959.77 points, the lowest close since January 16, 2009.
"Investor sentiment sank amid concerns that the unlocking of non-tradable shares, a possible surge of new IPOs and the expansion of over-the-counter equity market may drain liquidity from the stock market," Galaxy Securities said in a report yesterday. But it said an improving economy may limit the market's decline.
HSBC's China Purchasing Managers' Index climbed in November to a 13-month high of 50.5, from a final reading of 49.5 in October, HSBC Holdings Plc said yesterday.
"The index climbed on rising new orders and growing production, confirming that China's economy continues to recover toward the year-end," said Qu Hongbin, HSBC's chief economist for China.
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