Index falls as figures cast gloom over shares
Print Edition
SHANGHAI stocks dipped yesterday as concern over economic growth deepened after latest data confirmed a slowdown in the Chinese economy, the world’s second-largest.
The Shanghai Composite Index lost 0.73 percent to 2,004.34. For the week, the index shed 2.6 percent.
“Weaker-than-expected economic data confirmed the economic downturn,” Zhang Qun, analyst with CITIC Securities, said in a note. “With lingering concerns over credit defaults and capital outflow, the A-share market is unlikely to sustain a rebound without strong fiscal or monetary support.”
JPMorgan lowered its 2014 forecast for China’s economic growth to 7.2 percent from 7.4 percent following gloomy economic data.
China’s industrial output rose 8.6 percent year on year in the January-February period, slowing from 9.7 percent in December, the National Bureau of Statistics said on Thursday. The growth in retail sales eased to 11.8 percent in the same period from December’s rise of 13.6 percent. Fixed-asset investment rose 17.9 percent, the slowest since 2002.
“The much weaker-than-expected data across the board indicate the economy is decelerating even more in 2014, following moderation in the fourth quarter of 2013,” said Zhu Haibin, chief China economist with JPMorgan.
UBS AG yesterday also cut its projection for China’s growth this year to 7.5 percent from 7.8 percent.
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