Stocks dip, investors rake in profits
Print Edition
SHANGHAI stocks declined yesterday on profit taking despite data showing China’s manufacturing sector was at a 27-month high.
The Shanghai Composite Index fell 0.74 percent to 2,185.3 points. For the week, the index gained 2.8 percent.
“Investors started to lock-in gains from shares in nonferrous metals, military industrials and non-banking financials which had outperformed in previous sessions,” Shenyin & Wanguo Securities said yesterday.
China’s official Purchasing Managers’ Index rose to 51.7 in July, up from June’s 51.
The reading was the highest since April 2012, which is expected to help increase market confidence in economic growth.
“The upturn in manufacturing was boosted by stimulus measures and stronger external demand that encouraged production,” said Guan Qingyou, a researcher with Minsheng Securities. “However, downward risks remain due to a slowing property sector.”
Nonferrous metal producers were among the biggest losers. Ji Lin Ji En Nickel Industry slumped 5.1 percent to 15.83 yuan (US$2.56).
Brokerages fell after surging earlier amid enthusiasm about the Shanghai-Hong Kong Stock Connect trial program that will allow investors to trade on each other’s market.
CITIC Securities, China’s largest listed brokerage, fell 2.5 percent to 12.83 yuan.
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