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Slower rise in industrial output dents key index
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Shanghai stocks dipped yesterday after a report by China’s statistics bureau said that industrial production expanded at a slower pace in November.
The Shanghai Composite Index lost 0.03 percent to 2,237.49 points yesterday after the National Bureau of Statistics said China’s factory production rose 10 percent last month from a year earlier, slower than a 10.3-percent gain in October.
Zhao Huan, analyst at Guotai Junan Securities, said investors actually had high hopes the annual central economic work conference, which started yesterday, will unveil stimulus measures and give a boost to the A-share market here.
However, tightening liquidity before the year-end and a reboot in initial public offerings still weigh on the market, said Zhao in a report.
Financial firms gained yesterday. China Everbright Bank rose 0.7 percent to 2.89 yuan (47 US cents) in Shanghai after the lender said on Monday that it planned to raise up to HK$21.7 billion (US$2.8 billion) in its IPO in Hong Kong this week.
China Merchants Bank jumped 1.7 percent to 11.09 yuan after media reports said an unidentified investor has bought 1.13 billion of its A shares via a block trade at 12.07 yuan — a 10.7 percent premium to the market price and valuing the deal at 13.67 billion yuan.
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