Share index falters as recovery in economy appears to be weak
By Ye Zhen |
May 14, 2013, Tuesday
|
Print Edition
Print Edition
SHANGHAI stocks slipped yesterday after China's economic recovery appeared to be weak.
The Shanghai Composite Index shed 0.22 percent to 2,241.92 points.
Investment in fixed assets in China surged 20.6 percent from a year earlier to 9131.9 billion yuan (US$1472.9 billion) in the first four months this year, slowing from the 20.9-percent rise in the first quarter, the National Bureau of Statistics said yesterday.
Industrial output also grew by a slower 9.3 percent in April from a year earlier, trailing the 9.4 percent median estimates in a Bloomberg News survey, the bureau said. But retail sales rose 12.8 percent in April, slightly faster than 12.6 percent in March.
"Industrial output increased at a mild rate, indicating China's economic growth momentum remains weak," said Yao Wei, China economist at Societe Generale. "The retail growth actually eased last month if we take into account inflation."
An Essence Securities report cautioned that China's economic recovery is losing momentum.
Gold stocks declined after bullion prices fell over 1 percent to a nearly two-week low on talk the US Federal Reserve may withdraw its easing program.
Zhongjin Gold Corp lost 1.5 percent to 12.16 yuan. Zijin Mining Group Co, China's largest gold producer, fell 1 percent to 3.09 yuan. Chifeng Jilong Gold Mining Co slid 2.6 percent to close at 16.21 yuan.
The Shanghai Composite Index shed 0.22 percent to 2,241.92 points.
Investment in fixed assets in China surged 20.6 percent from a year earlier to 9131.9 billion yuan (US$1472.9 billion) in the first four months this year, slowing from the 20.9-percent rise in the first quarter, the National Bureau of Statistics said yesterday.
Industrial output also grew by a slower 9.3 percent in April from a year earlier, trailing the 9.4 percent median estimates in a Bloomberg News survey, the bureau said. But retail sales rose 12.8 percent in April, slightly faster than 12.6 percent in March.
"Industrial output increased at a mild rate, indicating China's economic growth momentum remains weak," said Yao Wei, China economist at Societe Generale. "The retail growth actually eased last month if we take into account inflation."
An Essence Securities report cautioned that China's economic recovery is losing momentum.
Gold stocks declined after bullion prices fell over 1 percent to a nearly two-week low on talk the US Federal Reserve may withdraw its easing program.
Zhongjin Gold Corp lost 1.5 percent to 12.16 yuan. Zijin Mining Group Co, China's largest gold producer, fell 1 percent to 3.09 yuan. Chifeng Jilong Gold Mining Co slid 2.6 percent to close at 16.21 yuan.
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