Economic data release worries investors
Print Edition
SHANGHAI stocks dipped yesterday as investors were worried ahead of the release of new economic data today, even ignoring the government’s targeted measures to lift growth.
The Shanghai Composite Index snapped a winning streak of three days and closed 0.16 percent off at 2,051.71.
Premier Li Keqiang said on Wednesday that the government will boost investments in railways, roads, airports and waterways along the Yangtze River to build an economic belt, according to a statement on the government’s website.
The government will also cut tax payment for some utility companies by about 24 billion yuan (US$3.9 billion) per year, according to the statement.
The measures — the latest mini-stimulus to boost economic growth — failed to lift the market as investors awaited today’s release of May data on industrial production, retail sales and investment.
Zhang Zhiwei, chief China economist for Nomura, said industrial output may have slowed in May as the country’s growth in electricity output slowed surprisingly to 5.2 percent, from a 6.4 percent rise in April.
Poly Real Estate, China’s second-largest listed homebuilder, shed 2.3 percent to 5.15 yuan. Huayuan Property lost 2.1 percent to end at 2.86 yuan.
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