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.
This article 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 Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.