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Shanghai shares drop on weak economic data
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SHANGHAI stocks fell today, dragged down by cyclical shares of coal and metal producers as investors were disappointed by economic data that pointed to weakness in the world’s second largest economy.
The Shanghai Composite Index lost 0.74 percent, or 16.41 points, to 2,206.47. Turnover was 141.7 billion yuan (US$22.9 billion) by the trading close.
Data released yesterday showed China’s economy was losing momentum in July, with industrial production, retail sales and fixed-asset investment all growing at a slower pace.
“All data pointed to weak domestic demand and sluggish investment after the government scaled back stimulus measures,” Haitong Securities said in a note today.
“Taking into consideration a slower growth of electricity consumption in the first half of August, China’s economic rebound may have stalled,” the brokerage said.
Coal producers led the market decline. Anyuan Coal Industry Group slumped by the daily limit of 10 percent to 5.06 yuan. Yang Quan Coal Industry dropped 4.3 percent to 6.42 yuan.
Ji Lin Ji En Nickel Industry paced the fall of non-ferrous metal producers, declining 4.2 percent to 16.50 yuan. Henan Yuguang Gold & Lead lose 3.4 percent to 12.65 yuan.
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