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Financial plays drop in Shanghai trading; media counters surge
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SHANGHAI’S benchmark stock index ended today with a 0.44 percent decline to 2,230.46 points. Shares of banks and brokerages fell dramatically while media shares soared.
The HSBC Flash China Manufacturing Purchasing Managers' Index, the earliest available indicator of China's industrial sector, moderated to 50.3 in August, down sharply from the final reading of 51.7 in July, marking a three-month low.
This sign of a weak economy would push the People’s Bank of China to offer loosened monetary and fiscal policies, which will possibly reduce the stability in the financial sector, with banks crippled by a lower deposit rate, analysts said.
Shanghai Pudong Development Bank lost 1.45 percent to 9.50 yuan, while China Citic Bank dropped 1.36 percent to 4.34 yuan.
The national policy released on Monday to develop new media still has a huge impact on the sector.
Four companies surged by the maximum daily limit of 10 percent, including ZheJiang Daily Media, Northern United Publishing & Media, Jiangsu Phoenix Publishing & Media Corporation and Shanghai Xinhua Media.
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