Index hit as better data may delay extra moves
By Ye Zhen |
November 10, 2012, Saturday
|
Print Edition
Print Edition
SHANGHAI stocks yesterday fell for a fifth straight day as investors became worried the central government may delay unveiling further stimulus measures after China posted surprisingly better economic data.
The Shanghai Composite Index shed 0.12 percent to 2,069.07 points. The index lost 2.27 percent for the week.
Industrial production in China rose 9.6 percent year on year in October, up from September's 9.2 percent, while retail sales gained 14.5 percent, up 0.3 percentage point from September's, the National Bureau of Statistics said yesterday.
"China's economy started to show signs of recovery after a prolonged deceleration, indicating that the earlier stimulus measures are taking effect," said Liu Ligang, chief China economist at the Australia & New Zealand Banking Group.
Brokerages fell as data from Wind Information Co showed the combined net profit of 19 brokerages listed in Shanghai and Shenzhen dived 41.54 percent from September to 687 million yuan (US$110 million) in October.
CITIC Securities, China's biggest listed brokerage, lost 1.1 percent to 10.78 yuan, and Everbright Securities dropped 2.7 percent to 11.07 yuan.
The Shanghai Composite Index shed 0.12 percent to 2,069.07 points. The index lost 2.27 percent for the week.
Industrial production in China rose 9.6 percent year on year in October, up from September's 9.2 percent, while retail sales gained 14.5 percent, up 0.3 percentage point from September's, the National Bureau of Statistics said yesterday.
"China's economy started to show signs of recovery after a prolonged deceleration, indicating that the earlier stimulus measures are taking effect," said Liu Ligang, chief China economist at the Australia & New Zealand Banking Group.
Brokerages fell as data from Wind Information Co showed the combined net profit of 19 brokerages listed in Shanghai and Shenzhen dived 41.54 percent from September to 687 million yuan (US$110 million) in October.
CITIC Securities, China's biggest listed brokerage, lost 1.1 percent to 10.78 yuan, and Everbright Securities dropped 2.7 percent to 11.07 yuan.
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