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Shanghai's stock market yesterday fell for the seventh day, the longest
losing streak in 18 months, and ended at the lowest level in 15 months in flat
trading after the Purchasing Managers' Index for June fell from May amid
concerns economic recovery is moderating.
The Shanghai Composite Index lost 1.02 percent, or 24.58 points, to close at
2,373.79, the lowest since April 8, 2009. Turnover was 46.4 billion yuan (US$6.8
billion).
The seven-day decline is the longest since an eight-day slump that ended
December 31, 2008.
The Federation of Logistics and Purchasing said yesterday that June's PMI
stood at 52.1, lower from 53.9 in May - the second month the gauge had seen a
decrease this year. Market watchers suggested this may show China's economic
recovery is slowing after growing 11.9 percent in the first quarter of the year.
"The first official economic data for June showed slowing consumption demand
and a (market) rebound will be held back by shrinking turnover in the short
term," Shanghai Securities wrote in a note. "The European debt crisis also
brought uncertainties to the recovery of China's exports."
Banks were mixed. The Bank of Communications tumbled 1.83 percent to 5.90
yuan, and Shanghai Pudong Development Bank shed 0.74 percent to 13.50 yuan.
China Merchants Bank gained 0.08 percent to 12.81 yuan.
Real estate developers also declined.
Shanghai Shimao Co dropped 1.06 percent to 11.22 yuan, Shanghai Lujiazui
Finance and Trade Zone Development Co Ltd sank 2.62 percent to close at 16.36
yuan and China Vanke Co dipped 1.47 percent to finish at 6.68 yuan.
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