PMI’s slight recoup fails to ignite shares
Print Edition
SHANGHAI stocks ended lower yesterday as analysts believed China’s growth momentum was on a downtrend despite a pickup in the country’s manufacturing activity this month.
The Shanghai Composite Index trimmed 0.26 percent to close at 2,067.38 points.
Signs of a modest recovery in China’s manufacturing sector failed to boost the market. The HSBC flash Purchasing Managers’ Index rose to 48.3 in April, up from March’s final reading of 48, but still below 50 that separates growth from contraction, HSBC Holdings Plc said yesterday.
“We do not believe that this uptick in the HSBC PMI signals any sort of a turning point for the economy and continue to believe the growth momentum is on a downtrend,” Zhang Zhiwei, chief China economist at Nomura, said in a note yesterday.
The central bank will cut the reserve requirement ratio of county-level rural banks by 2 percentage points and that of rural credit cooperatives by 0.5 percentage points from tomorrow in a latest move to bolster economic growth. But CITIC Securities said the move would have a limited impact on overall liquidity.
Shanghai Waigaoqiao Free Trade Zone Development Co dropped 4 percent to 30.40 yuan (US$4.87). Shanghai Lujiazui Finance and Trade Zone Development Co shed 2.6 percent to 18.71 yuan.
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