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Shanghai shares decline 0.73% on gloomy economic data
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SHANGHAI stocks fell today amid growing uncertainty over the economy as new statistics gave further evidence that the world’s second largest economy is slowing down.
The key Shanghai Composite Index lost 0.73 percent, or 14.77 points, to 2,004.34. Turnover was lackluster at 69.9 billion yuan (US$11.5 billion) today. The index declined 2.6 percent this week.
“Weaker-than-expected economic data confirmed the economic downturn,” Zhang Qun, analyst with CITIC Securities, said in a note. “With lingering fears about credit default and capital outflow, a rebound of the A-share market is unlikely without fiscal or monetary stimulus.”
Industrial production in China expanded 8.6 percent year on year in the January-February period, slowing from 9.7 percent in December, the National Bureau of Statistics said yesterday.
Growth of retail sales moderated to 11.8 percent in the same period from 13.6 percent in December. Fixed-asset investment expanded 17.9 percent, the slowest since 2002.
“The much weaker-than-expected data across the board indicates that the economy is cooling off even more in 2014, following moderating growth in the fourth quarter of 2013,” said Zhu Haibin, chief China economist with JPMorgan. The investment bank yesterday lowered its 2014 forecast for China’s economic growth from 7.4 percent to 7.2 percent.
UBS AG today also cut its projection of China’s economic growth from 7.8 percent to 7.5 percent for 2014 and to 7 percent for 2015.
China CITIC Bank Corp Ltd slumped 8.3 percent to 4.89 yuan before its trading was suspended. The central bank halted the lender’s plan to launch virtual credit cards with China’s two Internet giants Alibaba and Tencent.
Distilleries retreated after surging yesterday. Kweichow Moutai Co Ltd shed 0.6 percent to 163.87 yuan. Sichuan Tuopai Shede Wine Co Ltd lost 3.1 percent to 12.12 yuan.
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