Index falls on weak April economic data
Print Edition
SHANGHAI stocks ebbed yesterday as a slew of economic data pointing to slower growth weighed on market sentiment.
The key Shanghai Composite Index lost 0.1 percent to close at 2,050.73 points.
China’s industrial output rose 8.7 percent year on year in April, down slightly from March’s 8.8 percent growth, according to the National Bureau of Statistics. Retail sales were up 11.9 percent in April from a year earlier, slowing from a rise of 12.2 percent 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.
“The data indicated that the mini stimuli rolled out by the government earlier have failed to tame economic slowdown so far,” said Xu Gao of Everbright Securities.
Coal producers led the decliners yesterday after more than 20 coal firms jumped by the daily 10 percent limit on Monday.
Gui Haoming, analyst at Shenyin & Wanguo Securities, said the rebound in coal stocks lacked the support of solid fundamentals and investors should not chase the rally.
Guizhou Panjiang Refined Coal Co slumped 4 percent to 8.13 yuan (US$1.31). Shanxi Coal International Energy Group Co lost 3.7 percent to 4.15 yuan. Shanxi Lu’an Environmental Energy Development Co declined 3.4 percent to 8.13 yuan.
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