China’s stocks fell for a second day, led by energy and financial companies, after a manufacturing index weakened last month. China Petroleum & Chemical Corp. and Yanzhou Coal Mining Co. slid at least 2 percent. Industrial Bank Co. and Citic Securities Co. paced declines for financial shares. The final Purchasing Managers’ Index from HSBC Holdings Plc and Markit Economics was at 48.9, missing analysts’ estimates and signaling a contraction.
The Shanghai Composite Index dropped 0.6 percent to 4,416.81 at 9:56 a.m. local time. The gauge advanced 19 percent in April, the third straight monthly gain, on expectations the government will further cut borrowing costs to support the economy. The CSI 300 Index declined 0.3 percent.
Hong Kong’s Hang Seng China Enterprises Index and the Hang Seng Index were both little changed. The Bloomberg China-US Equity Index added 0.5 percent in New York on Friday. Markets in China and Hong Kong were closed on Friday for a holiday.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Latest posts by marketpulsefxstaff (see all)
- Oil Remains Near Multi-Month Lows - 6 August 2015
- U.S. Dollar Higher on Recent Data - 6 August 2015
- Greece’s PM Tsipras: Loan Deal with Lenders Close - 6 August 2015