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Weak PMI weigh down on stocks ahead of holidays
By Feng Jianmin |
September 30, 2011, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock index fell for the third consecutive day after data showed China's manufacturing activities had shrunk for a third month.
The benchmark Shanghai Composite Index was down 0.26 percent to 2,359.22 points. Turnover fell to 47.1 billion yuan (US$7.4 billion).
HSBC Holodings Plc and Markit Economics today said that September's purchasing managers' index was 49.9 - unchanged from August. The number was higher than a pre-reading of 49.4 released last week. A reading below 50 indicates contraction.
"Although the lagged effects of credit tightening will continue to cool industrial activity in the months ahead, there is little need to worry about a sharp slowdown," Qu Hongbin, an economist at HSBC in Hong Kong, said in the statement. "Despite the global slowdown, we expect China's economic growth to hold up at around 8.5 percent to 9 percent in the coming years."
The official PMI, which is weighted towards larger enterprises, will be released by the China Federation of Logistics and Purchasing tomorrow.
Shanghai's stock market will be closed from tomorrow to October 9 for the National Holidays.
Construction material producers led the decliners on concerns of slower manufacturing activities. Anhui Conch Co, China's largest cement producer, lost 2.6 percent to 17.20 yuan. Tangshan Jidong Cement Co shed 3.3 percent to 15.96 yuan.
The benchmark Shanghai Composite Index was down 0.26 percent to 2,359.22 points. Turnover fell to 47.1 billion yuan (US$7.4 billion).
HSBC Holodings Plc and Markit Economics today said that September's purchasing managers' index was 49.9 - unchanged from August. The number was higher than a pre-reading of 49.4 released last week. A reading below 50 indicates contraction.
"Although the lagged effects of credit tightening will continue to cool industrial activity in the months ahead, there is little need to worry about a sharp slowdown," Qu Hongbin, an economist at HSBC in Hong Kong, said in the statement. "Despite the global slowdown, we expect China's economic growth to hold up at around 8.5 percent to 9 percent in the coming years."
The official PMI, which is weighted towards larger enterprises, will be released by the China Federation of Logistics and Purchasing tomorrow.
Shanghai's stock market will be closed from tomorrow to October 9 for the National Holidays.
Construction material producers led the decliners on concerns of slower manufacturing activities. Anhui Conch Co, China's largest cement producer, lost 2.6 percent to 17.20 yuan. Tangshan Jidong Cement Co shed 3.3 percent to 15.96 yuan.
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