China stocks soft, many scep­ti­cal of eco­nomic re­cov­ery

China Daily (USA) - - BUSINESS | MARKETS - By REUTERS

China stocks weak­ened on Wednes­day de­spite strength in prop­erty shares, with thin trad­ing in­di­cat­ing in­vestors’ re­luc­tance to par­tic­i­pate days ahead of the week­long Na­tional Day hol­i­day that starts on Oct 1.

China’s blue-chip CSI300 in­dex fell 0.3 per­cent, to 3,230.89, while the Shang­hai Com­pos­ite In­dex also lost 0.3 per­cent, to 2,987.86 points.

Re­cent eco­nomic data has shown that there are signs of re­cov­ery in China’s econ­omy.

In­dus­trial sec­tor prof­its jumped 20 per­cent in Au­gust, the best show­ing in three years, while a Reuters poll showed man­u­fac­tur­ing sec­tor ac­tiv­ity likely ex­panded mod­estly for a sec­ond straight month in Septem­ber.

But many in­vestors re­main scep­ti­cal about the sus­tain­abil­ity of a re­cov­ery that they be­lieve has de­pended stim­u­lus.

Also, many in­vestors were not in­clined to make big bets be­fore the hol­i­day. China’s stock mar­ket will be closed all next week.

Most sec­tors lost ground on Wednes­day but prop­erty shares were strong, as in­vestors bet de­vel­op­ers will ben­e­fit from the re­cent surge in home prices in ma­jor cities, de­spite fresh curbs by lo­cal gov­ern­ments. on gov­ern­ment

the de­cline in the Shang­hai Com­pos­ite In­dex on Wednes­day the in­crease in in­dus­trial sec­tor prof­its in Au­gust

Newspapers in English

Newspapers from China

© PressReader. All rights reserved.