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Stocks dip on weak non-manufacturing PMI
By Hu Xiaocen |
February 3, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI stocks dipped in the morning session on a weakening official Purchasing Managers' Index for non-manufacturers in January 鈥 and plunging profits among securities brokers.
THE Shanghai Composite Index lost 0.07 percent, or 1.69 points, to 2,310.87 by the noon break with turnover at 32.2 billion yuan (US$5.1 billion). The index jumped almost 2 percent yesterday, the biggest gain in two weeks.
The official PMI for Chinese non-manufacturers dropped to 52.9 percent in January from December's 56 percent, according to the China Federation of Logistics and Purchasing.
Although the official PMI for manufacturers improved in January, indicating the green shoots of China's economic recovery, the weakened reading of non-manufacturers implies shrinking demands in the sector.
More than 63 percent brokers surveyed by Securities Daily are optimistic about a bullish market in 2012, however their performance in bearish 2011 remains discouraging. According to brokers' annual reports, the total profits of 70 brokers in 2011 plunged 39.79 percent compared to 2010.
Brokers fell across the board with a drop of 0.93 percent in morning trade. Industrial Securities lost 1.77 percent to 10.56 yuan. China Merchants Securities slid 1.19 percent to 10.84 yuan.
THE Shanghai Composite Index lost 0.07 percent, or 1.69 points, to 2,310.87 by the noon break with turnover at 32.2 billion yuan (US$5.1 billion). The index jumped almost 2 percent yesterday, the biggest gain in two weeks.
The official PMI for Chinese non-manufacturers dropped to 52.9 percent in January from December's 56 percent, according to the China Federation of Logistics and Purchasing.
Although the official PMI for manufacturers improved in January, indicating the green shoots of China's economic recovery, the weakened reading of non-manufacturers implies shrinking demands in the sector.
More than 63 percent brokers surveyed by Securities Daily are optimistic about a bullish market in 2012, however their performance in bearish 2011 remains discouraging. According to brokers' annual reports, the total profits of 70 brokers in 2011 plunged 39.79 percent compared to 2010.
Brokers fell across the board with a drop of 0.93 percent in morning trade. Industrial Securities lost 1.77 percent to 10.56 yuan. China Merchants Securities slid 1.19 percent to 10.84 yuan.
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