Shares flat as investors turn wary
Print Edition
SHANGHAI stocks were little changed yesterday as investors turned cautious due to the upcoming half-year earnings season.
The Shanghai Composite Index ended 0.1 percent higher at 2,932.48 points in thin trading. For the week, the index rose 2.7 percent, the biggest weekly gain in a month, as Brexit fears abated.
“Economic data and mid-year earnings reports of listed companies will determine the market direction in the short run,” said Shenwan Hongyuan Securities.
Listed firms are set to release their half-year earnings reports in mid-July, the Shanghai and Shenzhen bourses said.
The Caixin China Purchasing Managers’ Index, which slants toward private and export-oriented manufacturers, fell to 48.6 in June from 49.2 in May, below the 50 mark for the 16th straight month, Caixin Media and Markit said yesterday.
A separate official reading of manufacturing activity in large companies came in at 50 last month, a dip from 50.1 in May.
However, the gauge for the services sector ticked up to 53.7 from 53.1 in May.
ANZ Research said in a note yesterday that “economic growth in the second quarter would probably at a lower rate of 6.5 percent” as the service sector’s rise was not enough to offset the cooling “old economy.”
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