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Shanghai shares down 1.7% on weak economic data
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SHANGHAI stocks slumped in the morning session as poor economic data released over the weekend eroded market confidence about economic growth.
The benchmark Shanghai Composite Index fell 1.7 percent, or 34.69 points, to 2,023.22. Turnover was 49.6 billion yuan (US$8.1 billion) by midday.
Data released on Saturday by the General Administration of Customs showed that China’s exports shrank 18.1 percent from a year earlier to US$114.1 billion in February. The decline was in sharp contrast with a growth of 10.6 percent in January.
Meanwhile, the Consumer Price Index, the main gauge of inflation, rose 2 percent year on year in February, moderating from a gain of 2.5 percent in January, according to data from the National Bureau of Statistics. The Producer Price Index, a measure of upstream inflation, fell 2 percent from a year earlier, widening from a 1.6 percent decrease in January.
“Weak economic data signaled downward pressure on economy in the short term and heightened concerns that economic slowdown may continue in the second quarter,” Ping An Securities said in a note today.
Gold stocks paced the decline of metal shares. Shandong Gold Mining Co Ltd slipped 6.1 percent to 17.40 yuan. Zhongjin Gold Corp Ltd sank 3.7 percent to 8.14 yuan. Zijin Mining Group Co Ltd lost 2.1 percent to 2.30 yuan.
Aircraft manufacturers also retreated. Xi’an Aero-Engine Plc decreased 3.8 percent to 21.84 yuan. China Avic Electronics Co Ltd fell 5.2 percent to 21.90 yuan.
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