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Wan LixinOpinion deputy editor of Shanghai Daily
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Weak flash PMI pulls shares down
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SHANGHAI stocks ended lower again yesterday as a preliminary reading of a much-watched economic indicator showed China’s factory activity shrank at its fastest pace in more than six years in August.
The Shanghai Composite Index shed 4.27 percent to 3,507.74 points. For the week, it declined 11.54 percent.
The Caixin Flash China General Manufacturing Purchasing Managers’ Index — the earliest available measure of China’s industrial sector that was renamed from the HSBC PMI — compiled by Caixin Media and Markit Economics fell to 47.1 in August from 47.8 in July. The dividing 50-point level separates expansion from contraction.
The PMI reading was the lowest since March 2009 during the depths of the global financial crisis, and notched the sixth consecutive fall below the 50-point level.
Huatai Securities said the Chinese government order this month to halt factory activity around Beijing to ensure clean air for the Victory Day parade on September 3 had an impact on the overall production.
Analysts said as domestic and export demand remains weak, the PMI data are likely to increase global worries that the Chinese economy is set for a continued slowdown.
Earlier this month, official data showed China’s economic growth slowed further in the past quarter, expanding 7 percent compared to a year earlier, its slowest pace since 2009.
Manufacturers fell, with Xiamen King Long Motor Group Co tumbling by the daily 10 percent limit to 21.67 yuan (US$3.39) while Shang Gong Group Co lost 9.12 percent to 15.25 yuan, and Ningxia Building Materials Group Co fell 9.97 percent to 13.27 yuan.
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