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Shanghai shares down 0.6% in morning trading
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SHANGHAI stocks retreated this morning as heavyweight oil firms fell, offsetting gains made by property developers. The benchmark Shanghai Composite Index shed 0.6 percent, or 12.04 points, to 1,989.12. Half-day turnover was 42.8 billion yuan (US$7 billion).
“Investors are still cautious ahead of tomorrow’s release of economic data that may further impact the market,” Shenyin & Wanguo Securities said in a note today.
“The current losing trend is unlikely to be reversed in the short term without new supporting factors,” 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 slumped. China Petroleum & Chemical Corp fell 4.6 percent to 4.98 yuan. Sinopec Shanghai Petrochemical Co Ltd plunged 7.3 percent to 3.57 yuan. PetroChina Co Ltd lost 1.8 percent to 7.59 yuan.
Property developers were winners. Poly Real Estate, China’s second-largest homebuilder, rose 2.2 percent to 7.02 yuan. Sinopec Beijing Vantone Real Estate Co Ltd surged by the daily limit of 10 percent to 2.95 yuan.
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