24 Jul 2015
Shanghai Composite Index drops below 4100
FXStreet (Mumbai) - The bulls lost steam after the effect of a weaker than expected Chinese PMI data eventually kicked-in, pushing the Shanghai Composite Index below 4100 levels.
Mainland equities dragged lower
Earlier today, the index had climbed 1.1% , even though gauge of Chinese manufacturing unexpectedly fell to a 15-month low. Moreover, the negative action in the offshore equities - Hong Kong’s Hang Seng China Enterprises Index sinking 1% - could have eventually weighed over the mainland equities.
Meanwhile, the Australian dollar and copper prices, both seen as proxies for Chinese growth expectations, retreated at least 0.5%.
Consequently, the index fell into losses. Shanghai Composite now trades 1.29% lower at 4070.88.
Mainland equities dragged lower
Earlier today, the index had climbed 1.1% , even though gauge of Chinese manufacturing unexpectedly fell to a 15-month low. Moreover, the negative action in the offshore equities - Hong Kong’s Hang Seng China Enterprises Index sinking 1% - could have eventually weighed over the mainland equities.
Meanwhile, the Australian dollar and copper prices, both seen as proxies for Chinese growth expectations, retreated at least 0.5%.
Consequently, the index fell into losses. Shanghai Composite now trades 1.29% lower at 4070.88.