Investment Daily Note

National Bureau of Statistics announced China’s Manufacturing Purchasing Manager Index (PMI) in October was 49.8, same as that in September, but lower than market expectations of 50; it reflects that Chinese manufacturing activities remain contractionary.On the other hand, China’s Non-manufacturing PMI dropped to 53.1 in October from 53.4 in September. As Chinese economic figures remaining unsatisfactory, market sentiment would continue to be negatively affected.

Latest statistics by Gaming Inspection and Coordination Bureau of Macau showed that gross gaming revenue in October dropped 28.4% year-on-year to MOP20.059bn, worse than market expectations of a 28% drop, though it was the first monthly figure over MOP20bn since May. With the gaming revenue statistics largely in line with expectations, further upward momentum of gaming stocks is limited.