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Sluggish PMI, inflation bear down on stocks
By Feng Jianmin |
September 1, 2011, Thursday
|
Online Edition
Online Edition
SHANGHAI'S key stock index dipped after China's industrial data showed slow manufacturing expansion and Premier Wen Jiabao pledged to control inflation.
The benchmark Shanghai Composite Index fell 0.44 percent to 2,556.04 points. Turnover fell to 59.9 billion yuan (US$9.4 billion) from yesterday's 62.2 billion yuan.
The official Purchasing Managers' Index, a comprehensive gauge of manufacturing activities across the country, rebounded slightly to 50.9 percent in August from a 29-month low of 50.7 percent in June, the China Federation of Logistics and Purchasing said today.
Zhang Liqun, an analyst with the federation, said the rebound of the index, though small, was a sign of a stabilizing economy. But he noted that a sub-index for new export orders dropped significantly, which signals a possible drop in growth of exports.
He also warned of rising costs and possible slowdown of investment in property and consumption.
Meanwhile, Premier Wen Jiabao said in the official Qiushi Magazine today that China must step up measures to control inflation and especially home prices in smaller cities in the second half.
Property developers were hard hit by the news. Hainan Zhenghe Industrial Group Co slid 4.5 percent to 7.16 yuan. Shanghai AJ Corp lost 1.3 percent to 8.94 yuan.
Ping An Insurance Co rose 1 percent to 41.12 yuan, leading gains of insurers after Shanghai Securities News said China may allow domestic insurers to invest in derivatives in Hong Kong.
Currently, mainland insurance companies may buy only stocks, bonds and funds in Hong Kong. China Pacific Insurance Co added 0.6 percent to 20.85 yuan.
The benchmark Shanghai Composite Index fell 0.44 percent to 2,556.04 points. Turnover fell to 59.9 billion yuan (US$9.4 billion) from yesterday's 62.2 billion yuan.
The official Purchasing Managers' Index, a comprehensive gauge of manufacturing activities across the country, rebounded slightly to 50.9 percent in August from a 29-month low of 50.7 percent in June, the China Federation of Logistics and Purchasing said today.
Zhang Liqun, an analyst with the federation, said the rebound of the index, though small, was a sign of a stabilizing economy. But he noted that a sub-index for new export orders dropped significantly, which signals a possible drop in growth of exports.
He also warned of rising costs and possible slowdown of investment in property and consumption.
Meanwhile, Premier Wen Jiabao said in the official Qiushi Magazine today that China must step up measures to control inflation and especially home prices in smaller cities in the second half.
Property developers were hard hit by the news. Hainan Zhenghe Industrial Group Co slid 4.5 percent to 7.16 yuan. Shanghai AJ Corp lost 1.3 percent to 8.94 yuan.
Ping An Insurance Co rose 1 percent to 41.12 yuan, leading gains of insurers after Shanghai Securities News said China may allow domestic insurers to invest in derivatives in Hong Kong.
Currently, mainland insurance companies may buy only stocks, bonds and funds in Hong Kong. China Pacific Insurance Co added 0.6 percent to 20.85 yuan.
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