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Shanghai index down 0.23% in first session after holiday
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Shanghai market sank in the first trading session after a weeklong Chinese New Year holiday as China’s service sector reported poor retail sales during the holiday.
The benchmark Shanghai Composite Index fell 0.23 percent to 2,028.35 points by the noon break, led by financial and energy stocks.
China’s service sector expanded at the slowest pace in 29 months in January, according to a report by HSBC Holdings Inc. Qu Hongbin, chief economist for China at HSBC, said the slower expansion reflected the impact of China’s measures to ban official extravagance.
Retail and catering sales grew 13.3 percent year-on-year during the seven-day holiday, compared with 14.7 in 2013 and 16.2 percent in 2012, according the Ministry of Commerce.
Financial stocks dragged the index down in morning trading. ICBC, the country’s biggest lender, shed 0.6 percent to 3.39 yuan (US$0.56). CITIC Securities Co lost 1.5 percent to 11.41 yuan. China Life Insurance Co retreated 1.8 percent to 13.47 yuan.
Oil and metal producers declined as well. China Petroleum & Chemical Co lost 0.5 percent to 4.44 yuan. PetroChina Co slipped 1 percent to 7.47 yuan. Zijin Mining Group Co, China’s biggest gold miner, slumped 1.3 percent to 2.21 yuan.
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