Weak data send key index under 2,000
Print Edition
SHANGHAI stocks yesterday ended below 2,000 points for the first time in nearly two months, and the drop was the biggest since June as poor data raised investor doubts about China’s economic growth.
The Shanghai Composite Index tumbled 2.86 percent to 1,999.07, the first time since January 20 when it closed below 2,000 points.
The disappointing economic data and fading hopes for new policies led to the market drop — the biggest since June 2013 when the worst liquidity crisis in a decade rocked China’s financial market.
“Weak economic data signaled downward pressure on the economy in the short term and heightened concerns that the slowdown may continue in the second quarter,” Ping An Securities said in a note.
China’s exports shrank 18.1 percent from a year earlier to US$114.1 billion in February, compared with a growth of 10.6 percent in January, data released on Saturday by the General Administration of Customs showed.
Investor hopes for reforms and favorable policies are diminishing as the annual session of the National People’s Congress in Beijing will close this week.
Ping An Insurance (Group) Co dropped 3.6 percent to 36.18 yuan (US$5.89) while China Life Insurance Co plunged 3.7 percent to 13.11 yuan.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
