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Stocks fall 1.6% after China’s PMI slows to 3-month low
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Shanghai stocks yesterday shed the most in over a month after data showed China’s manufacturing activity may have slowed to a three-month low.
The Shanghai Composite Index fell 1.6 percent, the biggest daily loss since November 13, to 2,160.86 points.
HSBC’s Flash China Purchasing Managers’ Index, the earliest indicator of Chinese manufacturing activity, fell in December to 50.5, the lowest reading in three months and compared with 50.8 in November, HSBC Holdings PLC said yesterday.
A reading of 50 or higher indicates that expansion.
“The decline in the flash PMI suggests the growth momentum has begun to weaken,” Zhang Zhiwei, chief economist for China at Nomura Holdings Inc, said in a note yesterday.
“We believe this trend will continue in the first half of 2014 as interest rates keep rising and pushing up companies’ financial costs,” he said.
State-owned enterprises in Shanghai fell on growing uncertainty ahead of the release of a reform plan today.
SGSB Group Co lost 6.5 percent to 11.03 yuan. Shanghai Maling Aquarius Co fell by the daily limit of 10 percent to 9.56 yuan. Shanghai Lansheng Corp shed 7.1 percent to 16.43 yuan.
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