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Stock markets close down despite upbeat PMI data

2014-06-24 08:01 Global Times Web Editor: Qin Dexing

Stock markets in the Chinese mainland inched down on Monday, a tepid response to upbeat data that the country's manufacturing sector expanded in June.

The benchmark Shanghai Composite Index edged down 2.31 points or 0.11 percent to 2,024.37 points on Monday, with the Shenzhen Component Index sliding 0.04 percent or 2.41 points to 7,192.87 points.

The combined turnover on the two bourses on Tuesday was 144.43 billion yuan ($23.2 billion), up from Friday's 127.03 billion yuan.

The HSBC/Markit Flash China Manufacturing Purchasing Managers' Index (PMI) rose to 50.8 percent in June from May's 49.4, indicating that the country's factory sector expanded for the first time in half a year this month.

Despite the upbeat news, both garment making and materials stocks only saw modest gains of around 0.6 percent on Monday.

Insurance and banking sectors led the drop on Monday, losing 0.96 percent and 0.65 percent respectively.

Nonferrous metals outperformed the market, jumping 2.58 percent on Monday, led by a 10.2 percent surge in Shenzhen Zhongjin Lingnan Nonfemet Co.

The instrumentation industry soared by 2.43 percent on Monday, with Phenix Optical Co gaining 10.5 percent.

Other main gainers on Monday include Central China Land Media Co Ltd, up 10.02 percent, and Nelposa Technologies Ltd, up by 10 percent.

ChiNext, China's NASDAQ-style board for high-tech and fast-growing start-ups listed in Shenzhen, grew by 2.05 percent or 27.3 points to 1,361.28 points on Monday, the second consecutive increase.

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