Weak data and profit taking hit shares
Print Edition
SHANGHAI stocks yesterday fell for the first time after rising for seven straight trading days, largely due to profit taking and China’s lower manufacturing growth.
The Shanghai Composite Index dipped 0.1 percent to 2,680.16 points.
China’s official Purchasing Managers’ Index dipped to 50.3 in November from October’s 50.8, with the 50-point mark separating growth from contraction. Analysts had expected the PMI to finish at 50.6.
Goldman Sachs said in a statement that the Chinese government’s measures to limit industrial output before the APEC meetings had dented economic growth in the first half of November.
Keda Clean Energy fell by the daily limit of 10 percent to 19.53 yuan (US$3.17), Gem-Year Industrial lost 6.65 percent to 18.82 yuan, and Lanzhou Greatwall Electrical shed 5.85 percent to 11.59 yuan.
Property stocks fell after China Index Academy said the country’s average new home price fell 1.6 percent year on year in November.
Shanghai Lujiazui Finance & Trade Zone Development lost 7.89 percent to 30.47 yuan. Zhejiang Guangsha fell 4.76 percent to 7.21 yuan.
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