Shares slump on fears of a slowdown
Print Edition
Shanghai stocks slumped yesterday as moderation in non-manufacturing growth added to worries about a slowdown in China’s economic growth while liquidity concern also weighed on the market.
The benchmark Shanghai Composite Index lost 1.24 percent, or 26.25 points, to 2,083.14. The index ended 0.86 percent down this week.
The services Purchasing Managers’ Index fell for the second straight month in December, the decline coming after drops in both the official PMI and HSBC PMI for manufacturing.
“The data pointed to a clear downward trend in fundamentals,” CITIC Securities said.
“Meanwhile, a still tight liquidity and the resumption of new share sales that may add pressure to cash shortages also depress the A-share market performance,” the brokerage said.
A third batch of five companies has received regulatory nod to list on the Chinese mainland exchanges, bringing the total number of companies approved for IPOs to 16.
Financial counters were among the biggest losers yesterday. Haitong Securities dropped 4 percent to 10.77 yuan (US$1.78). Soochow Securities Co shed 4 percent to 8.15 yuan. The Industrial Bank was down 2.5 percent to 9.73 yuan.
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