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Shanghai shares decline as investors weigh economic data
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SHANGHAI stocks slipped today in tepid trading as cyclical shares dropped, offsetting the gains of homebuilders after the central bank called for speedy mortgage approvals.
The key Shanghai Composite Index lost 0.14 percent, or 2.82 points, to 2,047.91. Daily turnover shrank to 56.5 billion yuan (US$9.1 billion) from yesterday’s 73.7 billion yuan, reflecting cautious mood among investors.
“Coal and non-ferrous metal producers retreated on dismal economic data, and the looming resumption of initial public offerings is keeping investors on the sidelines,” Dongguan Securities said in a note today.
UBS Securities today lowered its 2014 forecast for the growth of corporate earnings growth of A-share companies from 11 percent to 5 percent, citing economic slowdown.
Data released yesterday by the National Bureau of Statistics, covering industrial output, retail sales and fixed-asset investment, all pointed to slower economic expansion in April.
Anhui Hengyuan Coal and Electricity Co Ltd lost 3.7 percent to 6.05 yuan. Shanxi Coal International Energy Group Co Ltd shed 3.1 percent to 4.02 yuan.
Baotou Steel and Rare-earth Hi-tech Co Ltd fell 0.8 percent to 19.82 yuan. Rising Nonferrous Metals Holdings Co Ltd lost 1.3 percent to 35.23 yuan
Property developers gained after the People’s Bank of China urged commercial lenders to prioritize first-home buyers’ need for mortgage.
“We view this as loosening measures by the central bank to mitigate the decline in property sales,” Zhang Zhiwei, chief China economist with Nomura, said in a note today.
Poly Real Estate, China’s second largest property developer, gained 1.6 percent to 7.52 yuan. China Fortune Land Co Ltd rose 2.6 percent to 26.73 yuan.
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