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Weak manufacturing data take toll on shares
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SHANGHAI stocks yesterday fell for the first time in four days after Chinese manufacturing activity fell to its lowest in over six years in the latest sign of slowdown in the world’s second-largest economy.
The Shanghai Composite Index tumbled 2.2 percent to end at 3,115.9 points.
Economic concerns were raised after the Caixin Flash China General Manufacturing Purchasing Managers’ Index, the earliest available indicator of China’s industrial sector, fell to a 78-month low of 47 in September, down from the final reading of 47.3 in August.
“The reading came in lower than market expectations,” Beijing Gaohua Securities said in a note. “It adds to signs of uncertainties in the real economic growth.”
A reading below 50 signals contraction in activity.
Coal producers and infrastructure firms led the decline. Shanghai Datun Energy Resources Co slumped 7.4 percent to 10.39 yuan (US$1.63), while CRRC Corp, formerly CSR Corp, shed 5 percent to 13.58 yuan.
Fears over China’s economic conditions triggered an outflow of foreign funds as data from the Hong Kong Exchanges and Clearing Ltd showed overseas investors yesterday sold a net US$1.1 billion of Shanghai shares through the cross-border trading connection between the Shanghai and Hong Kong exchanges.
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