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Stocks inch down despite encouraging data
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SHANGHAI shares inched down in the morning session, dragged down by small-cap growth firms, despite data showing resilience in China's economy.
The benchmark Shanghai Composite Index declined 0.62 percent to 2,032.24 points. Turnover was 48.7 billion yuan (US$8 billion) by the noon break.
Media firms, medical device manufacturers and IT companies paced the decline of small caps as ChiNext, a gauge of a Nasdaq-style bourse of growth enterprises in Shenzhen, dropped 2.7 percent to 1,154.14 points.
Jiangsu Phoenix Publishing & Media Corp Ltd slumped 4.5 percent to 10.82 yuan. Zhe Jiang Daily Media Group Co plunged 5.3 percent to 28.21 yuan.
Data from the National Bureau of Statistics showed China’s Consumer Price Index rose an annual 2.7 percent in July, unchanged from June, leaving room for policy stimulus.
The Producer Prices Index, a gauge of inflation at the wholesale level, fell 2.3 percent in July year on year, narrowing from a decline of 2.7 percent in June.
The slowdown in PPI deflation signaled warmer market demand and stabilization in the world’s second largest economy.
Non-ferrous metal producers, coal miners and trade companies rose against the falling index.
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