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Shanghai shares dip on disappointing economic data
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SHANGHAI stocks edged lower today as a slew of economic data pointing to slower growth weighed on market sentiment.
The key Shanghai Composite Index lost 0.1 percent to 2,050.73 points. Turnover was 73.7 billion yuan (US$11.9 billion).
China’s industrial output rose 8.7 percent year on year in April, down slightly from 8.8 percent in March, according to the National Bureau of Statistics. Retail sales increased 11.9 percent in April from a year earlier, slowing from a 12.2 percent growth in March.
Fixed-asset investment rose 17.3 percent year on year in the January-April period, also slowing from a 17.6 percent increase in the first quarter, data showed.
Coal producers led the decline after more than 20 coal firms jumped by the daily limit of 10 percent yesterday.
Gui Haoming, analyst at Shenyin & Wanguo Securities, said the rebound of coal and non-ferrous metal stocks lacked the support of solid fundamentals and investors should not chase the rally.
Shanxi Coal International Energy Group Co Ltd lost 3.7 percent to 4.15 yuan. Shanxi Lu'an Environmental Energy Development Co Ltd declined 3.4 percent to 8.13 yuan. Guizhou Panjiang Refined Coal Co Ltd slumped 4 percent to 8.13 yuan.
Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co Ltd fell 2.9 percent to 19.98 yuan. Rising Nonferrous Metals Share Co Ltd lost 2.1 percent to 35.71 yuan.
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