Index dips after trade data gains reversed
Print Edition
Shanghai stocks edged down yesterday as heavyweights declined on cautious sentiment, overshadowing gains by trade companies after China reported better-than-expected trade data.
The key Shanghai Composite Index shed 0.09 percent to 2,044.90 points.
The barometer rose in the early session after China posted a notable 10.9 percent gain in July imports from a year earlier, reversing a decline of 0.7 percent in June. Exports jumped 5.1 percent year on year, compared with a 3.1 percent slide in June.
Trade-related enterprises closed higher on the rosy data. Shanghai Material Trading Co surged 6.1 percent to 5.89 yuan (97 US cents). Xiamen ITG Group Corp climbed 2.7 percent to 4.12 yuan.
“The better-than-expected trade data offered a short relief to the market but concerns over the economy remain ahead of the release of inflation and industrial output data,” Guangzhou Securities said yesterday.
Changjiang Securities expects today’s data to reveal a rise in consumer prices and a fall in producer prices, which would further weigh on heavily weighted shares.
Lenders fell among financial firms even though the People’s Bank of China, the central bank, injected 15 billion yuan into the money market via 14-day reverse repurchase agreements.
The Industrial Bank fell 0.6 percent to 9.27 yuan while China Minsheng Banking Corp also declined 0.6 percent to 8.49 yuan.
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