Stocks end down on economic concerns
Print Edition
SHANGHAI stocks fell yesterday as a result of lingering concerns over economic prospects and amid signs that the government might refrain from using stimuli to revive growth and turn its focus to reform.
The benchmark Shanghai Composite Index ended the day down 0.25 percent at 2,843.68 points. Distilleries and agriculture companies were among the biggest losers, overshadowing the gains made by oil shares.
President Xi Jinping said on Monday that China should “unswervingly push ahead with supply-side reform,” urging local authorities to come up with detailed policies.
“Structural and supply-side problems are the most serious problems facing the economy,” he was quoted as saying in a report by Xinhua news agency published yesterday.
“April’s economic activity readings were disappointing but not disastrous, and the government might have a higher tolerance for slightly slower growth to balance growth and reform,” said Tommy Xie, an economist with OCBC Bank.
Nomura Securities said in a note published yesterday that investors who increased their exposure to Chinese cyclical shares following the release of upbeat economic data for March are now less confident in the economic outlook due to the central government’s references to reform.
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