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Hong Kong, China shares slide as official PMI underwhelms
February 1, 2013 / 2:20 AM / 5 years ago

Hong Kong, China shares slide as official PMI underwhelms

(Updates to mid-morning)

* HSI -0.4 pct, H-shares -0.7 pct, CSI300 -0.3 pct

* Cyclicals slide after China’s official January PMI disappoints

* Wynn Macau down after parent’s underwhelming earnings

By Clement Tan

HONG KONG, Feb 1 (Reuters) - Hong Kong and China shares slipped on Friday after official data for manufacturing activity in the world’s second-largest economy came in below expectations for a nine-month high.

Chinese growth-sensitive counters led the slide on benchmark indexes in both markets after China’s official purchasing managers index (PMI) eased to 50.4 in January, missing a 50.9 Reuters consensus forecast and below a 50.6 reading in December.

The Hang Seng Index was down 0.4 percent at 23,633.8 Points at 0200 GMT, while the China Enterprises Index of the top Chinese listings in Hong Kong fell 0.7 percent. Losses so far have wiped out gains on the week for the two indexes.

On the mainland, the Shanghai Composite Index and the CSI300 of the top Shanghai and Shenzhen A-share listings each shed 0.3 percent, trimming gains on the week.

China-focused steel conglomerate Citic Pacific fell 1.9 percent in Hong Kong, while Aluminum Corporation of China (Chalco) lost 1.9 percent in Hong Kong and 1 percent in Shanghai.

China property counters were also broadly weaker, shrugging off a report in the official China Securities Journal newspaper that a pilot programme to implement a property tax in Beijing has been postponed.

Wynn Macau fell 1.6 percent after its parent group Wynn Resorts Ltd posted on Thursday underwhelming quarterly profit that was blamed on its declining share of the Macau gaming market.

Its Macau gaming sector rivals were broadly higher ahead of monthly gaming revenue data due at the midday trading break. Sands China was up 1 percent, while SJM Holdings was up 2.1 percent. (Editing by Kim Coghill)

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