Shares dip as caution stays amid upbeat data
Print Edition
SHANGHAI stocks dipped yesterday as investors stayed cautious despite latest data pointing to an upturn in the Chinese economy.
The Shanghai Composite Index shed 0.14 percent to 3,078.12 points. For the week, the index gained 3.12 percent.
China’s economy grew 6.7 percent year on year in the first quarter, in line with market expectations, data released by the National Bureau of Statistics yesterday showed.
The data also revealed signs of recovery as fixed-asset investment growth rose to 10.7 percent from 10.2 percent in the January-February period. Retail sales surged 10.5 percent year on year last month, faster than the 10.2 percent growth in the first two months.
However, investors were still not convinced that the upbeat data were enough to erase doubts over long-term economic prospects.
“Despite signs of significantly improving growth momentum in March, the structural headwinds from housing oversupply, high leverage and overcapacity reduction will remain for the rest of this year,” Nomura Securities said yesterday.
Guangzhou Wanlong Securities Consulting Co said that despite encouraging economic data, caution still lingered in the market because the growth of margin loans — a sign of risk appetite among investors — has stagnated.
Guizhou Panjiang Refined Coal Co slipped 3.6 percent to 10.90 yuan (US$1.68), and Anhui Hengyuan Coal Industry and Electricity Power Co lost 2.7 percent to 6.47 yuan.
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