 "Metal shares dip on weak China PMI data")
Shares of metal companies are trading lower by up to 2% in early morning deals after China’s PMI data for the month of February fell to a seven-month low.
Tata Steel, JSW Steel, Hindalco Industries, Steel Authority of India, Jindal Steel and Power and Sesa Sterlite are down 1-2% on the Bombay Stock Exchange (BSE). At 1005 hours, the BSE metal index was down 1.07% against 0.47% decline in benchmark S&P BSE Sensex.
“The flash Markit/HSBC Purchasing Managers' Index (PMI) fell to a seven-month low of 48.3 in February from January's final reading of 49.5,” the Reuters report suggests. A reading below 50 indicates a contraction while one above shows expansion.
The Lunar New Year festival, which began on January 31 and covered early February, likely affected factory output as manufacturers shut shop for China's biggest annual holiday, added report. China is the world's largest consumer of copper and aluminum.
Tata Steel, JSW Steel, Hindalco Industries, Steel Authority of India, Jindal Steel and Power and Sesa Sterlite are down 1-2% on the Bombay Stock Exchange (BSE). At 1005 hours, the BSE metal index was down 1.07% against 0.47% decline in benchmark S&P BSE Sensex.
“The flash Markit/HSBC Purchasing Managers' Index (PMI) fell to a seven-month low of 48.3 in February from January's final reading of 49.5,” the Reuters report suggests. A reading below 50 indicates a contraction while one above shows expansion.
The Lunar New Year festival, which began on January 31 and covered early February, likely affected factory output as manufacturers shut shop for China's biggest annual holiday, added report. China is the world's largest consumer of copper and aluminum.
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