Shanghai index down 0.16%, dragged by cyclical shares

By Ye Zhen | May 14, 2014, Wednesday |

Online Edition

SHANGHAI stocks edged down this morning as cyclical shares fell amid fears of economic slowdown despite the gains of homebuilders over the central bank’s call for speedy mortgage loans.

The key Shanghai Composite Index lost 0.16 percent, or 3.37 points, to 2,047.36. Half-day turnover was 30.9 billion yuan (US$5 billion).

“Coal and non-ferrous metal producers declined due to dismal economic data, and the resumption of initial public offerings kept investors on the sidelines,” Dongguan Securities said in a note today.

China’s industrial output rose 8.7 percent year on year in April, down slightly from 8.8 percent in March, the National Bureau of Statistics said yesterday. Retail sales increased 11.9 percent in April from a year earlier, slowing from a 12.2 percent growth in March.

Fixed-asset investment expanded 17.3 percent year on year in the January-April period, also slowing from 17.6 percent for the first quarter, the data showed.

Anhui Hengyuan Coal Industry and Electricity Power Co Ltd lost 1.6 percent to 6.18 yuan. Shanxi Coal International Energy Group Co Ltd shed 0.24 percent to 4.14 yuan.

Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co Ltd dipped 0.75 percent to 19.83 yuan. Rising Nonferrous Metals Share Co Ltd dropped 1.2 percent to 35.30 yuan

Property developers gained after China’s central bank urged commercial lenders to prioritize first-home buyers’ need for mortgage.

Poly Real Estate, China’s second-largest homebuilder, gained 2.2 percent to 7.56 yuan. China Fortune Land Co Ltd rose 2.5 percent to 26.71 yuan.

Finance

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Shanghai index down 0.16%, dragged by cyclical shares

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