Weak data send index lower
By Ye Zhen |
June 6, 2013, Thursday
|
Print Edition
Print Edition
SHANGHAI stocks fell for a fifth day in a row yesterday after data suggested China's economic growth is losing momentum.
The Shanghai Composite Index edged down 0.07 percent to 2,270.93 points.
The HSBC China Service Purchasing Managers' Index, a gauge of non-manufacturing activity at private and export-oriented enterprises, inched up to 51.2 in May, slightly up from a 20-month low of 51.1 in April, HSBC Holdings Plc and Markit Economics reported yesterday.
A reading of 50 or above indicates expansion.
Meanwhile, data from Shenyin and Wanguo Securities revealed China's four biggest lenders extended 208 billion yuan (US$34 billion) in new loans in May, down from 245 billion yuan in April. The figure also marked the lowest level this year, pointing to a sluggish credit demand from enterpri-ses amid a weaker economy.
The Industrial and Commercial Bank of China shed 0.2 percent to 4.21 yuan. China Construction Bank fell 0.2 percent to 4.78 yuan.
Most solar power-related stocks suffered after the European Union imposed an 11.8 percent tariff on solar panels from China.
EGing Photovoltaic Technology Co dropped 4.3 percent to end at 9.41 yuan. Beijing Jingyuntong Technology Co, a photovoltaic equipment manufacturer, declined 3.5 percent to close at 7.74 yuan.
The Shanghai Composite Index edged down 0.07 percent to 2,270.93 points.
The HSBC China Service Purchasing Managers' Index, a gauge of non-manufacturing activity at private and export-oriented enterprises, inched up to 51.2 in May, slightly up from a 20-month low of 51.1 in April, HSBC Holdings Plc and Markit Economics reported yesterday.
A reading of 50 or above indicates expansion.
Meanwhile, data from Shenyin and Wanguo Securities revealed China's four biggest lenders extended 208 billion yuan (US$34 billion) in new loans in May, down from 245 billion yuan in April. The figure also marked the lowest level this year, pointing to a sluggish credit demand from enterpri-ses amid a weaker economy.
The Industrial and Commercial Bank of China shed 0.2 percent to 4.21 yuan. China Construction Bank fell 0.2 percent to 4.78 yuan.
Most solar power-related stocks suffered after the European Union imposed an 11.8 percent tariff on solar panels from China.
EGing Photovoltaic Technology Co dropped 4.3 percent to end at 9.41 yuan. Beijing Jingyuntong Technology Co, a photovoltaic equipment manufacturer, declined 3.5 percent to close at 7.74 yuan.
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