Blue-chip in­dex posts a worst day af­ter weak data

Global Times - - Biz Markets -

Chi­nese main­land’s blue-chip in­dex posted its worst day since mid-Au­gust on Tues­day, af­ter a batch of data showed the econ­omy cooled fur­ther last month and as Chi­nese trea­sury yields con­tin­ued to creep up, a sign of tight­en­ing liq­uid­ity.

The blue-chip CSI300 in­dex was down 0.70 per­cent, with its fi­nan­cial sec­tor sub-in­dex slightly up 0.01 per­cent, the con­sumer sta­ples sec­tor down 2.3 per­cent, the real es­tate in­dex up 2.26 per­cent and the health­care sub-in­dex down 1.66 per­cent.

The Shang­hai Com­pos­ite In­dex closed down 0.53 per­cent at 3,429.55 points.

Data on Tues­day showed that China’s econ­omy lost steam in Oc­to­ber, with in­dus­trial out­put, fixed as­set in­vest­ment and re­tail sales miss­ing ex­pec­ta­tions as the gov­ern­ment ex­tended a crack­down on debt risks and fac­tory pol­lu­tion.

Sen­ti­ment was fur­ther dented by signs that liq­uid­ity in the bank­ing sys­tem re­mains tight, with China’s bench­mark 10-year trea­sury yields al­most touch­ing 4 per­cent, the high­est level in three years.

The largest per­cent­age gain­ers in the main Shang­hai bourse were SJEC Corp up 10.03 per­cent, fol­lowed by He­bei Heng­shui Laobaigan Liquor Co gain­ing 10 per­cent and Shang­hai Ma­te­rial Trad­ing Co up by 9.99 per­cent.

The largest per­cent­age losses in the in­dex were Shang­hai Feilo Acous­tics Co down 7.59 per­cent, fol­lowed by Sanan Op­to­elec­tron­ics Co los­ing 7.41 per­cent and Hna In­no­va­tion Co down by 6.55 per­cent.

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