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Shanghai index dips 0.26% as April PMI remains in contraction
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SHANGHAI stocks ended lower today after data showed China’s manufacturing activity picked up a little in April but was still in contraction territory.
The benchmark Shanghai Composite Index shed 0.26 percent to 2,067.38. Trading was tepid, closing at 66.2 billion yuan (US$10.9 billion).
Signs of 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 48.0, but still below the 50 mark that separates expansion from contraction, HSBC Holdings PLC said today.
Zhang Zhiwei, chief China economist at Nomura, said the upturn may be partly due to seasonal factors as the flash PMI has gained 0.2 percentage points on average from March to April since data was available in 2005.
“We do not believe this uptick in the HSBC PMI signals any sort of turning point for the economy and continue to believe the growth momentum is on a downtrend,” Zhang said in a note today.
The central bank yesterday reduced 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 Friday, the latest move to bolster economic growth.
But the market had a muted reaction. Analysts with CTITIC Securities said the new easing measures would have a limited impact on liquidity situation.
Meanwhile, the China Securities Regulatory Commission released initial public offering prospectuses of 19 companies yesterday, bringing the total number of potential new IPOs to 65.
Shares related to the Shanghai Pilot Free Trade Zone declined after surging yesterday on reports that industrial plots in the zone will be allowed to develop commercial properties and office buildings.
Shanghai Waigaoqiao Free Trade Zone Development Co Ltd lost 4 percent to 30.40 yuan. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd shed 2.6 percent to 18.71 yuan.
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