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Shares flat on economic uncertainty despite positive PMI
By Feng Jianmin |
September 1, 2010, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index ended almost unchanged in the morning session as worries for second half weighed on positive industrial expansion in August.
The benchmark Shanghai Composite edged up 0.14 percent, or 3.58 points, to close at 2,642.38 points. Turnover stood at 76.6 billion yuan (US$ 5.4 billion).
The Shenzhen Composite Index, which tracks the smaller mainland market, closed 0.82 percent lower at 1,156.88 points.
The official Purchasing Managers' Index, a comprehensive gauge of industrial activity, gained 0.5 percentage point from a month earlier to 51.7 percent in August, the China Federation of Logistics and Purchasing said today.
But Lu Zhengwei, an economist with Industrial Bank, said that the growth was mainly due to seasonal factors and was not a signal of economic recovery.
Blue chips gained while small caps lost.
Steel makers gained on speculation that earnings growth may pick up on the drop of iron ore prices. Baoshan Iron & Steel Co gained 1.85 percent to 6.59 yuan after it secured a credit line of US$ 10 billion from China Development Bank Corp to fund expansion. Wuhan Iron & Steel Co rose 1.06 percent to 4.75 yuan. Beijing Shougang added 1.12 percent to 4.51 yuan.
New energy and pharmaceutical companies led the losers. Eve Energy Co trailed 4.47 percent to 31.45 yuan. Luxiang Co dropped 4.48 percent to 33.05 yuan.
North China Pharmaceutical Co lost 2 percent to 10.76 yuan. Shanghai Modern Pharmaceutical Co fell 1.3 percent to 16.66 yuan.
Property developers went mixed as home prices rose in August along with a recovery of transactions. China Vanke rose 1.07 percent to 8.51 yuan. Gemdale Corp dipped 0.9 percent to 6.58 yuan. China Merchants Property Development Co edged up 0.53 percent to 19.09 yuan. Poly Real Estate Co was unchanged at 12 yuan.
The benchmark Shanghai Composite edged up 0.14 percent, or 3.58 points, to close at 2,642.38 points. Turnover stood at 76.6 billion yuan (US$ 5.4 billion).
The Shenzhen Composite Index, which tracks the smaller mainland market, closed 0.82 percent lower at 1,156.88 points.
The official Purchasing Managers' Index, a comprehensive gauge of industrial activity, gained 0.5 percentage point from a month earlier to 51.7 percent in August, the China Federation of Logistics and Purchasing said today.
But Lu Zhengwei, an economist with Industrial Bank, said that the growth was mainly due to seasonal factors and was not a signal of economic recovery.
Blue chips gained while small caps lost.
Steel makers gained on speculation that earnings growth may pick up on the drop of iron ore prices. Baoshan Iron & Steel Co gained 1.85 percent to 6.59 yuan after it secured a credit line of US$ 10 billion from China Development Bank Corp to fund expansion. Wuhan Iron & Steel Co rose 1.06 percent to 4.75 yuan. Beijing Shougang added 1.12 percent to 4.51 yuan.
New energy and pharmaceutical companies led the losers. Eve Energy Co trailed 4.47 percent to 31.45 yuan. Luxiang Co dropped 4.48 percent to 33.05 yuan.
North China Pharmaceutical Co lost 2 percent to 10.76 yuan. Shanghai Modern Pharmaceutical Co fell 1.3 percent to 16.66 yuan.
Property developers went mixed as home prices rose in August along with a recovery of transactions. China Vanke rose 1.07 percent to 8.51 yuan. Gemdale Corp dipped 0.9 percent to 6.58 yuan. China Merchants Property Development Co edged up 0.53 percent to 19.09 yuan. Poly Real Estate Co was unchanged at 12 yuan.
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