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Stocks fall for fifth consecutive day
By Ye Zhen |
June 5, 2013, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks fell for a fifth day in a row after data showed China's service sector posted only slight expansion last month.
Figures also revealed that China's four biggest lenders in May issued the lowest sum in loans this year
Both these suggest that China's economic growth is losing momentum.
The key Shanghai Composite Index shed 1.49 points, or 0.07 percent, to 2,270.93.
Daily turnover shrank to 71.1 billion yuan (US$11.8 billion) from yesterday's 92.3 billion yuan.
"The weakness in the overall economy and a slower improvement in liquidity will continue to depress the market performance," analysts with Xiangcai Securities said.
HSBC China Service Purchasing Managers Index (PMI), a gauge of non-manufacturing activity at private and export-oriented enterprises, inched up to 51.2 in May, slightly up from a 20-month low of 51.1 in April, HSBC Holdings Plc and Markit Economics reported today.
A reading of 50 or above indicates the activity is expanding.
Data from Haitong Securities showed China's biggest four lenders extended 208 billion yuan in new loans in May.
This is down from 245 billion yuan in April and marked the lowest this year, pointing to a sluggish credit demand from enterprises due to economic weakness.
ICBC, China's largest lender, shed 0.2 percent to 4.21 yuan. China Construction Bank fell 0.2 percent to 4.78 yuan.
Most solar power-related stocks suffered after the European Union imposed a tariff of 11.8 percent on solar panels from China.
EGing Photovoltaic Technology Co slid 4.3 percent to 9.41 yuan. Beijing Jingyuntong Technology Co lost 3.5 percent to 7.74 yuan.
Figures also revealed that China's four biggest lenders in May issued the lowest sum in loans this year
Both these suggest that China's economic growth is losing momentum.
The key Shanghai Composite Index shed 1.49 points, or 0.07 percent, to 2,270.93.
Daily turnover shrank to 71.1 billion yuan (US$11.8 billion) from yesterday's 92.3 billion yuan.
"The weakness in the overall economy and a slower improvement in liquidity will continue to depress the market performance," analysts with Xiangcai Securities said.
HSBC China Service Purchasing Managers Index (PMI), a gauge of non-manufacturing activity at private and export-oriented enterprises, inched up to 51.2 in May, slightly up from a 20-month low of 51.1 in April, HSBC Holdings Plc and Markit Economics reported today.
A reading of 50 or above indicates the activity is expanding.
Data from Haitong Securities showed China's biggest four lenders extended 208 billion yuan in new loans in May.
This is down from 245 billion yuan in April and marked the lowest this year, pointing to a sluggish credit demand from enterprises due to economic weakness.
ICBC, China's largest lender, shed 0.2 percent to 4.21 yuan. China Construction Bank fell 0.2 percent to 4.78 yuan.
Most solar power-related stocks suffered after the European Union imposed a tariff of 11.8 percent on solar panels from China.
EGing Photovoltaic Technology Co slid 4.3 percent to 9.41 yuan. Beijing Jingyuntong Technology Co lost 3.5 percent to 7.74 yuan.
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