The Shanghai Composite Index edged down 0.2% to 4,067 on Wednesday, while the Shenzhen Component Index extended its previous-session gains, climbing 1.3% to 15,797. The diverging moves reflected investors’ response to mixed PMI data that underscored the economy’s fragile growth momentum.
A private survey showed China’s composite PMI rising to a three-month high of 54.0 in May, driven by services activity, with the services PMI itself also hitting a three-month peak at 54.4. However, the manufacturing PMI eased to 51.8 from April’s five-year high of 52.2.
Investor caution persisted following official figures indicating that the composite PMI inched up to 50.5 from 50.1, supported by a modest rebound in non-manufacturing sectors. In contrast, the official manufacturing PMI slipped to 50.0 from 50.3, signalling a softer industrial backdrop.
At the stock level, PetroChina (-1.5%), China Shenhua Energy (-1.6%), and China Life Insurance (-1.0%) were among the notable decliners. In contrast, technology shares continued to outperform: Zhongji Innolight gained 2.4%, Eoptolink Technology rose 1.7%, and Huagong Tech advanced 3.2%.
