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Stocks start off week with a 0.76% decline
By Lu Nengneng |
April 23, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock index set a bearish tone for the week today despite a rebound in the purchasing managers' index (PMI) for April.
The Shanghai Composite Index dropped 0.76 percent to 2,388.59 points. Turnover stood at 109.4 billion yuan (US$ 17.4 billion).
The flash PMI, released by HSBC and Markit Economics today, rose to 49.1 in April from 48.3 in March. It is the sixth consecutive month the figure has been below 50, which indicates a contraction in industrial activities.
"The flash PMI reading rebounded in April, reflecting the effectiveness of previous policy loosening," said Qu Hongbin, a chief economist at HSBC.
But the anticipation of further monetary easing in the second quarter was dampened following the revival of manufacturing. Banks, which had expected another cut in the reserve requirement ratio this month, dropped on concerns about liquidity supply.
Bank of Communications, the fifth-biggest lender, lost 0.4 percent to 4.83 yuan. It is scheduled to release its first-quarter earnings tonight. Industrial and Commercial Bank of China, the nation's biggest lender, fell 0.7 percent to 4.39 yuan. Analysts estimated an average increase of 19 percent in net income among lenders in the first quarter, which is slower than the same period of 2011.
Metal producers and steel makers also dropped today amid worries over product demand due to economic uncertainty. Jiangxi Copper lost 1.3 percent to 25.26 yuan. Baoshan Iron & Steel Co shed 0.6 percent to 4.96 yuan.
The Shanghai Composite Index dropped 0.76 percent to 2,388.59 points. Turnover stood at 109.4 billion yuan (US$ 17.4 billion).
The flash PMI, released by HSBC and Markit Economics today, rose to 49.1 in April from 48.3 in March. It is the sixth consecutive month the figure has been below 50, which indicates a contraction in industrial activities.
"The flash PMI reading rebounded in April, reflecting the effectiveness of previous policy loosening," said Qu Hongbin, a chief economist at HSBC.
But the anticipation of further monetary easing in the second quarter was dampened following the revival of manufacturing. Banks, which had expected another cut in the reserve requirement ratio this month, dropped on concerns about liquidity supply.
Bank of Communications, the fifth-biggest lender, lost 0.4 percent to 4.83 yuan. It is scheduled to release its first-quarter earnings tonight. Industrial and Commercial Bank of China, the nation's biggest lender, fell 0.7 percent to 4.39 yuan. Analysts estimated an average increase of 19 percent in net income among lenders in the first quarter, which is slower than the same period of 2011.
Metal producers and steel makers also dropped today amid worries over product demand due to economic uncertainty. Jiangxi Copper lost 1.3 percent to 25.26 yuan. Baoshan Iron & Steel Co shed 0.6 percent to 4.96 yuan.
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