Shares dip as dismal data spook investors
Print Edition
SHANGHAI stocks fell yesterday as investors were disappointed by dismal 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.
Data released on Wednesday showed China’s economy lost momentum in July because industrial production, retail sales and fixed-asset investment all grew 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 yesterday.
“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 drop, with Anyuan Coal Industry Group slumping by the daily limit of 10 percent to 5.06 yuan (82 US cents). Yang Quan Coal Industry fell 4.3 percent to 6.42 yuan.
Ji Lin Ji En Nickel Industry, a nonferrous metal producer, shed 4.2 percent to 16.50 yuan. Henan Yuguang Gold & Lead dropped 3.4 percent to close at 12.65 yuan.
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