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Slowing exports weigh on Shanghai stocks
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SHANGHAI stocks dropped this morning after data showed China’s exports grew at a slower pace in December, adding concern about economic slowdown.
The benchmark Shanghai Composite Index shed 0.49 percent, or 10.01 points, to 2,017.61. Turnover was 33.8 billion yuan (US$5.5 billion) by the noon break.
China’s exports rose 4.3 percent year-on-year in December, down from the 12.7 percent growth in November, the General Administration of Customs said today. Imports expanded 8.3 percent, compared with 5.3 percent in November.
The export growth missed the 5 percent increase projected by Nomura Holdings Inc.
“We continue to believe that the strong export growth in recent months was in large part driven by trade misinvoicing to disguise capital inflows,” Zhang Zhiwei, chief economist at Nomura, said in a note earlier.
The flood of initial public offerings also weighed on the market as 51 companies received regulatory approvals to go public.
Heavy industries continued a weak run. China Shipbuilding Industry Co Ltd dropped 3.5 percent to 4.96 yuan. CSSC Jiangnan Heavy Industry Co Ltd fell 3.1 percent to 10.50 yuan.
Brokerages also declined. Haitong Securities lost 2.1 percent to 10.29 yuan. CITIC Securities, China’s biggest listed broker, shed 1.5 percent to 11.64 yuan.
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