Steel shares fall on lower-than-expected China PMI
Reuters Market Eye - Shares in steel companies fall on concerns that a lower-than-expected reading of China's PMI by HSBC may weigh on the short-term prospect, dealers say.
Tata Steel (TISC.NS) slumps 6.3 percent, Steel Authority of India falls 2.6 percent, while JSW Steel (JSTL.NS) is down 0.4 percent.
The final HSBC Purchasing Managers' Index (PMI) edged up to 50.2 in September from August's 50.1, although that was below last week's flash reading of 51.2, with domestic orders proving to be weaker than preliminary estimates suggested.
(Reporting by Abhishek Vishnoi)
- Tweet this
- Share this
- Digg this
- U.S.-led air strikes killed 521 fighters, 32 civilians in Syria - monitor
- Google launches new email service dubbed "Inbox"
- Apple CEO says to add 25 stores in China within two years - Sina
- Japan PM's new minister hit by scandal over racy bar bill
- Nissan recalling 260,000 vehicles globally with Takata air bags
India could allow commercial coal mining by foreign companies if they set up units in the country, opening the door for global giants like Rio Tinto to access the world's fifth largest coal reserves, a source familiar with the matter said. Full Article