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Strong PMI fails to bolster Shanghai shares
By Feng Jianmin |
December 1, 2010, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index edged down in the morning session as worries about China's economic growth overshadowed data on strong manufacturing expansion in November.
The Shanghai Composite Index dipped 0.3 percent, or 7.9 points, to 2,812.3. Turnover dropped to 56.6 billion yuan (US$8.5 billion) from yesterday's 99 billion yuan. The Shenzhen Composite Index, which tracks the smaller market in southern China, was down 0.6 percent to 1,299.5.
The official Purchasing Managers' Index, a comprehensive gauge of industrial activities across the country, increased 0.5 percentage point from a month earlier to 55.2 percent in November, the China Federation of Logistics and Purchasing said.
A reading above 50 percent indicates expansion. The index has been rising for four consecutive months.
Analysts warned that economic growth may be contained by fast inflation as firms face stronger cost pressure of raw materials.
Oil producers declined. PetroChina, the biggest index component dipped 0.3 percent to 11.04 yuan. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec fell 0.6 percent to 8.08 yuan.
Gold miners gained after bullion price rebound to above US$1390 per ounce. Shandong Gold Mining Group Co rose 1.1 percent to 54.01 yuan. Zhongjin Gold Co was up 1.3 percent to 39.28 yuan.
Brokerages edged up. China Merchants Securities rose 0.7 percent to 20.49 yuan. GF Securities added 0.2 percent to 45.17 yuan.
The Shanghai Composite Index dipped 0.3 percent, or 7.9 points, to 2,812.3. Turnover dropped to 56.6 billion yuan (US$8.5 billion) from yesterday's 99 billion yuan. The Shenzhen Composite Index, which tracks the smaller market in southern China, was down 0.6 percent to 1,299.5.
The official Purchasing Managers' Index, a comprehensive gauge of industrial activities across the country, increased 0.5 percentage point from a month earlier to 55.2 percent in November, the China Federation of Logistics and Purchasing said.
A reading above 50 percent indicates expansion. The index has been rising for four consecutive months.
Analysts warned that economic growth may be contained by fast inflation as firms face stronger cost pressure of raw materials.
Oil producers declined. PetroChina, the biggest index component dipped 0.3 percent to 11.04 yuan. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec fell 0.6 percent to 8.08 yuan.
Gold miners gained after bullion price rebound to above US$1390 per ounce. Shandong Gold Mining Group Co rose 1.1 percent to 54.01 yuan. Zhongjin Gold Co was up 1.3 percent to 39.28 yuan.
Brokerages edged up. China Merchants Securities rose 0.7 percent to 20.49 yuan. GF Securities added 0.2 percent to 45.17 yuan.
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