China main stock index dips on weakening manufacturing data

Source: Xinhua| 2017-05-02 18:42:36|Editor: Xiang Bo
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BEIJING, May 2 (Xinhua) -- Chinese major stock index Shanghai Composite Index edged down Tuesday as a private survey showed that manufacturing activity in China had expanded at a slower pace.

The benchmark Shanghai Composite Index snapped a four-day winning streak to decline 0.35 percent to 3,143.71 points.

The smaller Shenzhen Component Index closed 0.1 percent lower at 10,223.97 points. The ChiNext Index, China's NASDAQ-style board of growth enterprises, ended 0.01 percent higher to close at 1,850.85 points.

Manufacturing activity in China continued to expand in April, although at a slower pace.

The Caixin China General Manufacturing Purchasing Managers' Index (PMI) released Tuesday stood at 50.3 last month, down from 51.2 in March, according to the survey conducted by financial information service provider Markit and sponsored by Caixin Media Co. Ltd.

The stock indexes Tuesday moved within a narrow band on the first trading day after the Labor Day holiday, but shares related to Xiongan New Area, a new economic zone to be built near Beijing, bucked the trend as investors poured money into these shares, said Sun Xiwei, chief investment strategist at CITIC Securities.

Tangshan Jidong Equipment and Engineering surged by the daily limit of 10 percent for the second consecutive trading day to 39.67 yuan (about 5.8 U.S. dollars).

China last month announced plans to create Xiongan New Area, which authorities described as a "major historic and strategic choice" that would be "crucial for the millennium to come," sparking investors' enthusiasm over related stocks.

Sun expected the major indexes to see an uptick in May after a period of fluctuation, boosted by listed companies' upbeat reports for the first quarter and the first half of this year.

Some 60.3 percent of 1,099 Chinese publicly traded companies as of Monday had forecast profit growth or projected that losses would be transferred to gains for the January-June period, Xinhua-run Shanghai Securities News reported Tuesday.

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