Slowing economy hits shares
Print Edition
SHANGHAI stocks dipped yesterday as metal and other cyclical shares fell amid a slowing economy, overshadowing gains of property firms after the central bank called for speedier mortgage approvals.
The Shanghai Composite Index lost 0.14 percent, or 2.82 points, to 2,047.91.
“Coal and nonferrous metal producers retreated on dismal economic data, and the looming resumption of initial public offerings is keeping investors on the sidelines,” Dongguan Securities said in a note yesterday.
UBS Securities yesterday cut its forecast for 2014 growth in A-share company earnings to 5 percent from 11 percent, citing the economic slowdown.
The National Bureau of Statistics data for April showed slower industrial output, retail sales and fixed-asset investment.
Anhui Hengyuan Coal Industry & Electricity Power lost 3.7 percent to 6.05 yuan (97 US cents). Shanxi Coal International Energy Group shed 3.1 percent to 4.02 yuan.
Inner Mongolia Baotou Steel Rare-earth (Group) High-Tech fell 0.8 percent to 19.82 yuan. Rising Nonferrous Metals Share lost 1.3 percent to 35.23 yuan.
Property firms gained after the central bank urged banks to give first-home buyers priority in mortgage lending. Poly Real Estate, China’s second-largest listed property developer, gained 1.6 percent to 7.52 yuan.
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