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Shares turn soft on weak economic data for China
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SHANGHAI stocks dipped yesterday as investors shifted focus to market fundamentals after China posted soft economic data.
The Shanghai Composite Index shed 0.36 percent to 2,485.61 points.
The growth of China’s industrial output slowed unexpectedly to 7.7 percent year on year in October, down from an 8-percent rise in September, data from the National Bureau of Statistics showed yesterday. Retail sales rose 11.5 percent from a year earlier last month, slowing slightly from a 11.6-percent growth in September.
“Growth slowed despite further policy easing, indicating the headwinds from the property market correction, severe overcapacity in many upstream industries and an over-leveraged corporate sector are very strong,” Wendy Chen, an economist with Nomura, said in a note yesterday.
Property developers fell after data showed the growth in China’s property investment slowed to 12.4 percent in the first 10 months of this year from the same period of last year, the slowest in over five years.
Poly Real Estate lost 1.5 percent to 6.11 yuan (US$1), and Zhejiang Guangsha fell 3 percent to 7.09 yuan.
Lanzhou LS Heavy Equipment, which went public last month, shed 6.09 percent to 20.35 yuan, snapping 24 straight days of maximum 10 percent gains.
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