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Weak data weigh on Shanghai stocks
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SHANGHAI stocks traded lower in the morning session after the latest statistics fueled concern about economic slowdown.
The key Shanghai Composite Index lost 0.53 percent, or 10.75 points, to 2,008.36. Turnover was 38.2 billion yuan (US$6.3 billion) by midday.
Industrial production in China rose 8.6 percent year on year in the January-February period, slowing from 9.7 percent in December, the National Bureau of Statistics said yesterday.
Growth of retail sales moderated to 11.8 percent in the same period from 13.6 percent in December. Fixed-asset investment expanded 17.9 percent, the slowest since 2002.
“The much weaker-than-expected data across the board indicates that the economy is decelerating even more in 2014, following moderation in the fourth quarter of 2013,” said Zhu Haibin, chief China economist with JPMorgan.
The investment bank yesterday lowered its forecast for China’s 2014 economic growth to 7.2 percent from 7.4 percent.
China CITIC Bank Corp Ltd led the decline of financial shares, slumping 8.1 percent to 4.90 yuan, after the central bank halted its plan to work with China’s two Internet giants Alibaba and Tencent to launch virtual credit cards.
Bank of Beijing Co Ltd dropped 1.9 percent to 7.23 yuan. Bank of Communications lost 1.1 percent to 3.66 yuan.
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