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Stocks recoup losses on rising PMI
By Ye Zhen |
July 24, 2012, Tuesday
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Online Edition
Online Edition
SHANGHAI stocks recouped some of their earlier losses after a preliminary reading of HSBC PMI showed the country's manufacturing activity jumped to a five-month high in July.
The key Shanghai Composite Index edged down 0.23 percent to 2136.44 points and turnover stood at 30 billion yuan (US$4.7 billion) by the noon break. The index at one point fell 0.42 percent to a three-year low this morning.
A preliminary reading of HSBC's China Purchasing Managers' Index climbed in July to 49.5, the highest in five months, compared with final figure of 48.2 in June, HSBC Holdings PLC announced today.
The HSBC China PMI is slanted more towards private and export-oriented firms. A reading of 50 or higher generally indicates that activity is expanding.
"PMI in July rebounded to a five-month high, indicating that the monetary easing measures have started to take effect," said Qu Hongbin, chief economist for China at HSBC Holdings Plc.
"However, a reading below 50 means demands remained weak and employment was still under pressure," Qu added.
Lenders fell as a report by BOC International said ratio of non-performing loans in listed banks in the second quarter may increase from a quarter earlier to 0.95 percent.
The Industrial and Commercial Bank of China Ltd, the nation's largest lender, lost 0.8 percent to 3.69 yuan. China Construction Bank Corporation shed 0.8 percent to 3.91 yuan. China Merchants Bank dropped 1.1 percent to 9.58 yuan.
Property developers gained against the falling index. China Vanke, the nation's biggest developer, added 1 percent to 9.30 yuan. Poly Real Estate, the second largest developer, climbed 2.4 percent to 11.47 yuan. Gemdale Corporation rose 1.9 percent to 5.99 yuan.
The key Shanghai Composite Index edged down 0.23 percent to 2136.44 points and turnover stood at 30 billion yuan (US$4.7 billion) by the noon break. The index at one point fell 0.42 percent to a three-year low this morning.
A preliminary reading of HSBC's China Purchasing Managers' Index climbed in July to 49.5, the highest in five months, compared with final figure of 48.2 in June, HSBC Holdings PLC announced today.
The HSBC China PMI is slanted more towards private and export-oriented firms. A reading of 50 or higher generally indicates that activity is expanding.
"PMI in July rebounded to a five-month high, indicating that the monetary easing measures have started to take effect," said Qu Hongbin, chief economist for China at HSBC Holdings Plc.
"However, a reading below 50 means demands remained weak and employment was still under pressure," Qu added.
Lenders fell as a report by BOC International said ratio of non-performing loans in listed banks in the second quarter may increase from a quarter earlier to 0.95 percent.
The Industrial and Commercial Bank of China Ltd, the nation's largest lender, lost 0.8 percent to 3.69 yuan. China Construction Bank Corporation shed 0.8 percent to 3.91 yuan. China Merchants Bank dropped 1.1 percent to 9.58 yuan.
Property developers gained against the falling index. China Vanke, the nation's biggest developer, added 1 percent to 9.30 yuan. Poly Real Estate, the second largest developer, climbed 2.4 percent to 11.47 yuan. Gemdale Corporation rose 1.9 percent to 5.99 yuan.
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