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Stocks dip after manufacturing disappointment
By Ye Zhen |
April 1, 2013, Monday
|
Online Edition
Online Edition
SHANGHAI stocks ended slightly lower today amid doubts over China's economic recovery, after data showed the expansion of the country's manufacturing sector missed market expectation.
The benchmark Shanghai Composite Index shed 0.1 percent to 2,234.40 points. Turnover was 67 billion yuan (US$10.8 billion) at the trading close.
China's official Purchasing Managers' Index, a gauge of manufacturing activity slanted more towards state-owned firms, rose to 50.9 last month from 50.1 in February, according to the National Bureau of Statistics and the China Federation of Logistics and Purchasing.
The reading was the highest since May 2012 and has stayed above 50 for six months in a row but still missed market forecast of 52 as surveyed by Reuters.
A reading of 50 or higher indicates the activity is expanding.
"The rebound of the official PMI reading is slower than market expectation due to a two-percentage-point drop in raw material inventories index, indicating enterprises remained cautious over the sustainability of the pick up in demand," the Great Wall Securities said.
Distilleries led the market down, amid concerns that demand for liquor will diminish as the government cuts spending on banquets.
Kweichow Moutai Co, a leading producer of high-end liquor in China, dropped 2.3 percent to 164.95 yuan. Shanxi Xinghuacun Fen Wine Factory Co slumped 6.2 percent to 28.16 yuan. Sichuan Tuopai Shede Wine Co sank 5.1 percent to 19.09 yuan.
Non-ferrous metals produces also declined. Inner Mongolia Baotou Steel Rare-earth Hi-tech Co, China's biggest producer of rare earth materials, fell 2.6 percent to 29.05 yuan. Shandong Gold Mining Co decreased 2.6 percent to 32.05 yuan. Zhongjin Gold Corp dropped 2.5 percent to 13.86 yuan.
Property developers gained as follow-up property tightening measures released by local governments were less strict than expected. Poly Real Estate, the second largest developer, rose 3 percent to 11.82 yuan.
Gemdale Corporation added 0.5 percent to 6.60 yuan. Guangzhou Pearl River Industrial Development Co jumped by the daily limit of 10 percent to 11.83 yuan.
The benchmark Shanghai Composite Index shed 0.1 percent to 2,234.40 points. Turnover was 67 billion yuan (US$10.8 billion) at the trading close.
China's official Purchasing Managers' Index, a gauge of manufacturing activity slanted more towards state-owned firms, rose to 50.9 last month from 50.1 in February, according to the National Bureau of Statistics and the China Federation of Logistics and Purchasing.
The reading was the highest since May 2012 and has stayed above 50 for six months in a row but still missed market forecast of 52 as surveyed by Reuters.
A reading of 50 or higher indicates the activity is expanding.
"The rebound of the official PMI reading is slower than market expectation due to a two-percentage-point drop in raw material inventories index, indicating enterprises remained cautious over the sustainability of the pick up in demand," the Great Wall Securities said.
Distilleries led the market down, amid concerns that demand for liquor will diminish as the government cuts spending on banquets.
Kweichow Moutai Co, a leading producer of high-end liquor in China, dropped 2.3 percent to 164.95 yuan. Shanxi Xinghuacun Fen Wine Factory Co slumped 6.2 percent to 28.16 yuan. Sichuan Tuopai Shede Wine Co sank 5.1 percent to 19.09 yuan.
Non-ferrous metals produces also declined. Inner Mongolia Baotou Steel Rare-earth Hi-tech Co, China's biggest producer of rare earth materials, fell 2.6 percent to 29.05 yuan. Shandong Gold Mining Co decreased 2.6 percent to 32.05 yuan. Zhongjin Gold Corp dropped 2.5 percent to 13.86 yuan.
Property developers gained as follow-up property tightening measures released by local governments were less strict than expected. Poly Real Estate, the second largest developer, rose 3 percent to 11.82 yuan.
Gemdale Corporation added 0.5 percent to 6.60 yuan. Guangzhou Pearl River Industrial Development Co jumped by the daily limit of 10 percent to 11.83 yuan.
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