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Shanghai index falls below 2,000 points ahead of new data
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SHANGHAI stocks declined today, with the key index hitting an eight-month low in intraday trading, as caution prevailed ahead of the release of economic data tomorrow.
The Shanghai Composite Index fell 0.17 percent to 1,997.69 points after reaching an intraday low of 1974.38, the lowest since last July. Turnover was lackluster at 79.3 billion yuan (US$13 billion).
The index has slumped 5.6 percent this year, partly due to the restart of initial public offerings, the gloomy economic outlook, and fears of an outbreak in credit default.
“Investors are still cautious ahead of tomorrow’s release of economic data that may further impact the market,” Shenyin & Wanguo Securities said.
“The current losing trend is unlikely to be reversed in the short term without new stimulus,” said the brokerage.
China will released industrial and retail statistics tomorrow, which are expected to provide more clues about economic condition after earlier data on trade, inflation and credit supply pointed to growth moderation.
Oil stocks dragged the market down. China Petroleum & Chemical Corp fell 4.9 percent to 4.97 yuan. Sinopec Shanghai Petrochemical Co Ltd plunged 5.5 percent to 3.64 yuan. PetroChina Co Ltd lost 2.2 percent to 7.56 yuan.
China CITIC Bank Corporation Limited surged by the daily limit of 10 percent to 5.47 yuan after the lender joined hands with Internet giants Alibaba and Tencent to launch virtual credit cards.
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