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Stocks head south amid increasing economic fears
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SHANGHAI stocks fell yesterday as government data pointed to increasing economic worries.
The Shanghai Composite Index declined 1.39 percent to 3,197.89 points.
China’s Producer Price Index dropped 5.9 percent last month, extending its fall for 42 consecutive months.
It was the biggest drop since the global financial crisis in 2009. Deflation fears grew more evident as Chinese manufacturers continue to cut prices.
Shenwan Hongyuan Securities said in a report yesterday that the deflation level was the main concern for the Chinese economy as seen in clear price drops of industrial products.
It said China will unveil more policies to stimulate the domestic demand. The outlook for the yearly economic performance was also not pessimistic, it claimed.
Manufacturing shares were the biggest losers. Loncin Motor Co dropped 5.53 percent to 15.89 yuan (US$2.49), Shantou Dongfeng Printing Co fell 4.26 percent to 13.92 yuan, Guangdong Songfa Ceramics Co lost 4.18 percent to 33 yuan, and Xi’an Typical Industries Co declined 4.16 percent to 6.92 yuan.
Foreign direct investment into the Chinese mainland jumped 22 percent in August from a year ago, settling at US$8.71 billion, the Ministry of Commerce said yesterday.
The growth accelerated from a 5.2 percent rise in July, as investments in the high-tech service industry contributed a significant increase. For the first eight months, FDI, excluding investment in the financial sector, stood at US$85.34 billion, up 9.2 percent from the same period in 2014, the ministry said.
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