Shanghai share index hits 2-month low
Print Edition
SHANGHAI stocks had their worst day for more than a week yesterday, causing the benchmark index to fall to its lowest level for two months, weighed down by more clouds on the economic horizon and renewed expectations of an interest rate rise in the United States.
The Shanghai Composite Index ended the day down 1.3 percent at 2,807.51 points.
China’s electricity consumption, a barometer of economic activity, rose 1.9 percent year on year in April, decelerating from 5.6 percent in March, according to figures released yesterday.
The disappointing data were the latest in a slew of weaker-than-expected indicators for the month that have highlighted the fragility of the recovery seen in the first quarter.
Meanwhile, strengthening US economic data and hawkish comments from Federal Reserve officials revived expectations that a hike in US interest rates could happen as soon as next month, which would add to the pressure on capital outflows from China.
Moreover, investors were disappointed after Zhang Dejiang, chairman of China’s National People’s Congress, made no mention of a trading link between Shenzhen and Hong Kong in a speech delivered in the latter yesterday. Expectations were high that he would announce the launch of a stock trading connect during his three-day trip to the city.
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