Stocks fall to lowest for 4 weeks on poor data
Print Edition
SHANGHAI shares yesterday fell to their lowest level in almost four weeks amid a slump in turnover and after the release of poor economic data for July.
The Shanghai Composite Index dipped 1.1 percent to 3,622.91 points, its lowest since July 8, as trading volume fell to its lowest in five months.
“The recent economic data have made investors believe that the market isn’t supported by earnings or fundamentals,” said Wang Zheng, chief investment officer at Shanghai’s Jingxi Investment Management Co.
The Caixin China Manufacturing Purchasing Managers’ Index, which measures factory output, fell to 47.8, its lowest level since July 2013.
The Shanghai Composite Index posted its steepest monthly drop in July since August 2009, as a series of support measures failed to restore investor confidence.
Also yesterday, the regulator suspended 34 stock accounts for suspected trading irregularities, which might have influenced the market’s performance.
United States hedge fund Citadel, and China’s Infore Capital and YRD Investment were among the accounts affected.
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