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Stocks fall in early trade on declining flash PMI
By Hu Xiaocen |
March 22, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks retreated in the morning trade on China's manufacturing contraction suggested by a dropping flash Purchase Managers Index.
The Shanghai Composite Index shed 0.42 percent, or 10.01 points, to 2,358.19 by the noon break with a turnover of 41.5 billion yuan (US$6.6 billion).
HSBC and Markit Economics posted a decline in the preliminary reading of China's manufacturing PMI to 48.1 in March from a final reading of 49.6 in February. The reading for March reached its lowest level in four months.
"Domestic and external demands continued to weaken, as the new orders hit a four-month low. The decline in manufacturing PMI reflects recent expectations of further slowdown in industrial production. Economic growth is likely to fall further, government should relax policies to stabilize growth," said Qu Hongbin, chief economist for China at HSBC.
China's economy may bottom in the first half of the year, and achieve a "soft landing." And the country has already passed through the tightest credit conditions in this down cycle, said Ba Shusong today in Shanghai, a senior economist at the State Council's Development Research Center.
Metal, rare earth and coal producers are among the worst performers on weakened demands for their products.
Jiangxi Copper Co, China's biggest producer of the metal, slumped 2.16 percent to 25.88 yuan. Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co, China's biggest producer of rare earth, plunged 5.29 percent to 66.58 yuan. China Shenhua Energy Co, the nation's largest coal producer, retreated 0.68 percent to 26.11 yuan.
The Shanghai Composite Index shed 0.42 percent, or 10.01 points, to 2,358.19 by the noon break with a turnover of 41.5 billion yuan (US$6.6 billion).
HSBC and Markit Economics posted a decline in the preliminary reading of China's manufacturing PMI to 48.1 in March from a final reading of 49.6 in February. The reading for March reached its lowest level in four months.
"Domestic and external demands continued to weaken, as the new orders hit a four-month low. The decline in manufacturing PMI reflects recent expectations of further slowdown in industrial production. Economic growth is likely to fall further, government should relax policies to stabilize growth," said Qu Hongbin, chief economist for China at HSBC.
China's economy may bottom in the first half of the year, and achieve a "soft landing." And the country has already passed through the tightest credit conditions in this down cycle, said Ba Shusong today in Shanghai, a senior economist at the State Council's Development Research Center.
Metal, rare earth and coal producers are among the worst performers on weakened demands for their products.
Jiangxi Copper Co, China's biggest producer of the metal, slumped 2.16 percent to 25.88 yuan. Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co, China's biggest producer of rare earth, plunged 5.29 percent to 66.58 yuan. China Shenhua Energy Co, the nation's largest coal producer, retreated 0.68 percent to 26.11 yuan.
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