Weak trade data send shares tumbling
Print Edition
SHANGHAI stocks closed 2 percent lower yesterday as disappointing trade figures dampened investor sentiment.
The Shanghai Composite Index shed 1.89 percent to 3,470.07 points.
China’s imports fell for the 13th consecutive month, off 5.6 percent in November from a year earlier. Exports fell 3.7 percent year on year.
Refiners were also under pressure after the global oil benchmark Brent crude futures fell 5.4 percent to US$40.66 per barrel on Monday, triggering investors’ fear of an oversupply.
PetroChina Company Limited, the country’s biggest oil producer, lost 1.99 percent to end at 8.38 yuan (US$1.31). China Petroleum & Chemical Corporation dipped 2.19 percent to finish at 4.91 yuan.
Steel producers also declined after the China Metallurgiccal Industry Planning and Research Institute said steel demand in 2015 is expected to fall 4.8 percent to 668 million tons. It predicted demand will continue to fall to 490 million tons by 2030.
Baoshan Iron & Steel Co fell 2 percent to 5.4 yuan, and Beijing Shougang Co Ltd sank 3 percent to 3.56 yuan.
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