Stocks dive to 5-month low over exports
Print Edition
Shanghai stocks declined for the third-straight day, plunging the index to its lowest in more than five months amid concerns over December exports data and a glut of new shares.
The Shanghai Composite Index lost 0.71 percent, or 14.32 points, to 2,013.3, the lowest since July 31. The index fell 3.3 percent this week.
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 yesterday. Imports expanded 8.3 percent, compared with 5.3 percent in November.
Zhang Zhiwei, chief China economist at Nomura, said the recent export growth was led largely by trade misinvoicing to disguise capital inflow.
Heavy industries continued a weak run. China Shipbuilding Industry Co dropped 3.5 percent to 4.96 yuan (82 US cents). China CSSC Holdings Ltd slumped 5.1 percent to 20.89 yuan.
The flood of initial public offerings also weighed on the market as 50 companies have received regulatory approvals to go public.
Jiangsu Aosaikang Pharmaceutical Co said it decided to postpone its IPO plan “in a prudent move as its proposed issuance is too big.” The drug marker will launch offer at an “appropriate” time. It planned to sell 55.46 million shares at 72.99 yuan each, the highest pricing among first batch of IPOs.
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