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Shanghai shares fall today on weak economic data
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SHANGHAI shares fell today on weak economic data and some investors stayed on the sideline to see further government measures after a steep drop in July.
The Shanghai Composite Index sank 1.11 percent to end at 3,622.91 points. Trading volumes in Shanghai slumped to the lowest levels in five months.
Growth at China's private manufacturing companies released today dipped further in July as demand at home and abroad weakened, according to Caixin PMI. While an official index on Saturday slipped to a five- month low amid a drop in new orders and jobs.
"The recent economic data have made investors believe that the market isn’t supported by earnings or fundamentals, particularly when the market is in a downward cycle," said Wang Zheng, the chief investment officer at Shanghai-based Jingxi Investment Management Co.
The Shanghai benchmark posted its steepest monthly drop in July since August 2009 amid economic growth concerns and a series of supporting measures to rescue a market rout aroused little interest in equities.
Also today, China's market regulator has suspended 34 stock accounts for suspected trading irregularities such as abnormal bids for shares and bid cancellations that might have impacted the market performance. The number of suspended accounts rose from 24 announced last Friday.
US-based hedge fund Citadel LLC, Shenzhen-based Infore Capital and Beijing-based YRD Investment Co were included in the probe.
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