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Shanghai market sluggish ahead of May data release
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SHANGHAI stocks retreated today as uncertainty over China’s economy weighed on the market and investors sat tight ahead of the release of new economic data tomorrow.
The key Shanghai Composite Index snapped a three-day winning streak, dropping 0.16 percent to 2,051.71. Daily turnover was 69.3 billion yuan (US$11.2 billion).
Premier Li Keqiang said yesterday that the Chinese government will increase investment in railway, highway, airport and navigation projects along the Yangtze River to turn the basin area into an economic belt.
The government will also cut the taxes of utilities companies by about 24 billion yuan a year, according to a report on the government website.
Measures, designed as mini economic stimulus, failed to lift the market as investors waited for the May statistics on industrial output, retail sales and investment, to be released tomorrow.
Zhang Zhiwei, chief China economist for Nomura, said industrial production may have slowed in May as the country’s electricity output growth dropped surprisingly to 5.2 percent, from 6.4 percent in April.
Property developers were weak. Poly Real Estate, China’s second-largest homebuilder, lost 2.3 percent to 5.14 yuan. Huayuan Property lost 2.1 percent to 2.86 yuan.
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