Shares slip on weak PMI figures
Print Edition
SHANGHAI stocks dipped yesterday, led by a decline in banks and utility companies, as manufacturing data failed to ease concerns about China’s economic outlook in the mid-term.
The Shanghai Composite Index fell 0.1 percent to close at 2,913.51 points.
China’s purchasing managers’ index in May remained flat at 50.1, said the National Bureau of Statistics and the China Federation of Logistics and Purchasing yesterday.
The non-manufacturing PMI ended at 53.1, down from 53.5 in April, while a PMI reading from Caixin Media and Markit Economics fell to 49.2 in May.
Uncertainty still lurks over macroeconomic issues both globally and domestically in the mid- to long-term, Shenwan Hongyuan Securities wrote in a note yesterday.
Pingan Insurance Group Co fell 1.31 percent to 32.29 yuan (US$4.91) and the Agricultural Bank of China shed 0.94 percent to 3.16 yuan.
Guoyuan Securities fell 2.16 percent and Everbright Securities declined 1.71 percent.
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