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China Markets Slip on Mixed Data & Global Fears
1 Jun
Summary
- Shanghai Composite fell 0.27%, Shenzhen Component dropped 1.51%.
- Manufacturing PMI eased to 50.0, while non-manufacturing rebounded.
- Technology stocks led the decline amid profit-taking and tensions.
Chinese stock markets concluded Monday's trading session with a notable decline. The Shanghai Composite index decreased by 0.27%, settling at 4,058, marking its lowest point in over a month. Similarly, the Shenzhen Component saw a steeper fall of 1.51%, closing at 15,340.
Economic indicators released showed a mixed picture for the Chinese economy. While the official Composite PMI edged up to 50.5 from 50.1 in April, driven by a rebound in the non-manufacturing sector, the manufacturing PMI saw a slight dip to 50.0. Further analysis from a private survey indicated a similar trend, with its manufacturing PMI easing to 51.8.
The technology sector was particularly affected, with several key companies experiencing significant drops. This downturn was attributed to profit-taking activities and persistent geopolitical tensions, which continue to influence investor sentiment. Stocks like Cambricon Technologies and SMIC were among the prominent decliners, reflecting broader market pressures.
