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Stocks lose 0.1% in volatile trade
By Lu Nengneng |
March 1, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI'S key stock index edged down today amid volatile investor sentiment following the release of the manufacturing index.
The Shanghai Composite Index extended yesterday's losses, dropping 0.1 percent to 2,426.12 points. Turnover shrank to 71 billion yuan (US$ 11.3 billion).
The release of China's official Purchasing Managers' Index today shows that the key gauge of industrial activities improved for a third month in February, rising to 51 from 50.5 in January, which was higher than the HSBC Flash PMI reading of 49.7.
Though the index, above 50, indicates expansion, China International Capital Corporation said in a note that the reading is still lower than the historical average of 52.7 in the same period of the year, which means the foundation for an industrial revival is still in the making.
Resource heavyweights retreated in the face of the demand uncertainties. Jiangxi Copper, the nation's biggest producer of the metal, dipped 0.74 percent to 26.78 yuan. Aluminum Corp of China lost 0.8 percent to 7.45 yuan.
Baoshan Iron & Steel Co, China's largest listed steel maker, shed 0.76 percent to 5.23 yuan. Yanzhou Coal Mining dipped 0.12 percent to 25.55 yuan.
The Shanghai Composite Index extended yesterday's losses, dropping 0.1 percent to 2,426.12 points. Turnover shrank to 71 billion yuan (US$ 11.3 billion).
The release of China's official Purchasing Managers' Index today shows that the key gauge of industrial activities improved for a third month in February, rising to 51 from 50.5 in January, which was higher than the HSBC Flash PMI reading of 49.7.
Though the index, above 50, indicates expansion, China International Capital Corporation said in a note that the reading is still lower than the historical average of 52.7 in the same period of the year, which means the foundation for an industrial revival is still in the making.
Resource heavyweights retreated in the face of the demand uncertainties. Jiangxi Copper, the nation's biggest producer of the metal, dipped 0.74 percent to 26.78 yuan. Aluminum Corp of China lost 0.8 percent to 7.45 yuan.
Baoshan Iron & Steel Co, China's largest listed steel maker, shed 0.76 percent to 5.23 yuan. Yanzhou Coal Mining dipped 0.12 percent to 25.55 yuan.
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