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Weak PMI, liquidity drain weigh on Shanghai shares
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SHANGHAI stocks ended lower today as new data showed China’s manufacturing activity may have contracted to a seven-month low in February while the central bank continued to drain liquidity by selling repurchase agreements.
The benchmark Shanghai Composite Index lost 0.18 percent, or 3.77 points, to 2,138.78. Turnover was 130.9 billion yuan (US$21.5 billion).
HSBC’s Flash China Purchasing Managers’ Index, the earliest indicator of manufacturing activity, fell in February to 48.3, down from 49.5 in January and the lowest in seven months, HSBC Holdings PLC said today.
A reading of 50 or higher indicates expansion while a reading below 50 means contraction.
The People’s Bank of China today withdrew 60 billion yuan from the banking system via 14-day repurchase deals at a yield of 3.80 percent, according to a statement on the central bank’s website. The act followed a 48-billion-yuan drain on Tuesday, the first in eight months.
Financial shares declined. Shanghai Pudong Development Bank Co Ltd lost 1.1 percent to 9.39 yuan. China Minsheng Banking Corp Ltd fell 2.5 percent to 7.80 yuan. Industrial Bank Co Ltd shed 2.3 percent to 9.55 yuan.
Pacific Securities Co Ltd paced the losses of brokerages, slumping 6 percent to 6.93 yuan. Sinolink Securities Co Ltd fell 4.4 percent to 24.11 yuan. China Merchants Securities Co Ltd slid 3.1 percent to 11.20 yuan.
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