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Shanghai shares fall to five-month low
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Most Shanghai stocks slumped in the morning session, sending the Shanghai Composite Index below the 2,000-point level, the lowest in more than five months.
The index lost 0.42 percent, or 8.48 points, to 1996.47. Half-day turnover shrank to 25.9 billion yuan (US$4.2 billion).
The market declined despite the latest data from the National Statistics Bureau indicated that China’s economy expanded 7.7 percent last year, beating the official target of 7.5 percent.
Oil and coal stocks led the decline. Sinopec fell 1.72 percent to 4.58 yuan. PetroChina Co Ltd shed 1.03 percent to 7.67 yuan.
Agricultural shares advanced on the government’s initiative to deepen rural reform. Xinjiang Talimu Agriculture Development Co Ltd rose 3 percent to 7.32 yuan. Heilongjiang Agriculture Co Ltd gained 2.1 percent to 10.30 yuan.
Neway Valve (Suzhou) Co, the first company traded publicly after the IPO halt, plunged by the daily limit of 10 percent to 22.81 after surging 43 percent on its debut on Friday.
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