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July 16, 2016

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Shares end flat on solid economic data

SHANGHAI shares closed generally flat yesterday as investor hopes for stimulus measures by China were dented by solid economic data for the second quarter.

The Shanghai Composite Index ended little changed at 3,054.30 points. The gauge climbed 2.2 percent for the week, the third weekly gain in a row.

“Today’s better-than-expected gross domestic product data suggest that a massive stimulus package by the government will be unlikely,” Yang Yuting, economist at Australia and New Zealand Banking Group, wrote in a note yesterday. “The government might continue fiscal easing and hasten the pace of infrastructure construction in the near future.”

China’s GDP grew 6.7 percent in the second quarter from a year earlier, slightly higher than analysts’ estimates of 6.6 percent.

Nomura Securities Co yesterday removed its forecast of one reserve requirement ratio cut in the second half of 2016.


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