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Stocks fall amid economy caution despite trade gains
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SHANGHAI stocks edged down today as heavyweights declined amid cautious sentiment, overshadowing gains of trade companies after China reported better-than-expected trade data.
The key Shanghai Composite Index shed 0.09 percent to 2,044.90 points. Daily turnover was 72 billion yuan (US$11.8 billion).
The barometer rose in the early session after China posted a notable 10.9 percent gain in July’s imports from a year earlier, reversing a decline of 0.7 percent in June. Exports rose 5.1 percent year on year, compared with a 3.1 percent decrease in June.
Trade-related enterprises closed higher on rosy data. Shanghai Material Trading Co surged 6.1 percent to 5.89 yuan. Xiamen ITG Group Corp climbed 2.7 percent to 4.12 yuan.
“The better-than-expected trade data offered a short relief to the market but concerns over the economy remained ahead of the release of inflation and industrial output data tomorrow,” said Guangzhou Securities.
Changjiang Securities expected data released tomorrow would point to rising consumer prices and falling producer prices, which would further weigh on heavily weighted shares.
Lenders fell among financial firms even though the People’s Bank of China, the central bank, today injected 15 billion yuan to the country’s money market via 14-day reverse repurchase agreements.
Industrial Bank fell 0.6 percent to 9.27 yuan. China Minsheng Banking Corp decreased 0.6 percent to 8.49 yuan.
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