China™s stocks fell
the most in two weeks after an official manufacturing gauge signaled the
first contraction in more than two years and China Minsheng Banking
Corp.™s President Mao Xiaofeng resigned.
China Minsheng led
declines for financial companies, sliding 4.5 percent after Caixin
reported that Mao is being investigated by authorities. China Railway
Construction Corp. and Air China Ltd. dropped more than 4 percent after
the government™s Purchasing Managers™ Index declined to 49.8 last month
from 50.1 in December. The nation™s benchmark money-market rates jumped
for a fourth day after the securities regulator approved 24 initial
public offerings.
The Shanghai Composite
Index slid 1.9 percent to 3,147.99 at 9:37 a.m. The gauge has fallen
6.8 percent over the past five days as the government stepped up
scrutiny of margin lending, while the factory data add to concern the
economy is weakening.
The CSI 300 Index slid
1.9 percent. Hong Kong™s Hang Seng China Enterprises Index fell 1.4
percent, while the Hang Seng Index dropped 0.4 percent. The Bloomberg
China-US Equity Index, the measure of the most-traded U.S.-listed
Chinese companies, retreated 1.6 percent in New York on Jan. 30.
China™s outstanding
margin debt dropped for the first time in eight days on Jan. 30 in
Shanghai, according to data from the city™s bourse. It fell 0.5 percent
to 773.98 billion yuan ($123 billion) from a record 777.6 billion yuan
on Jan. 29.
The government™s PMI
missed the median estimate of 50.2 in a Bloomberg survey of analysts and
was below the 50 level separating expansion and contraction.
Source : Bloomberg
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