Shares close flat amid weak housing and economy data
Print Edition
SHANGHAI’S stocks closed flat yesterday, ending a week that recorded the biggest weekly loss in four months, on weak economic data.
The Shanghai Composite Index dipped 0.01 percent, or 0.14 point, to 2,302.28 points yesterday. The index lost 1.7 percent for the week, the most since the week ending on June 20.
Latest housing data revealed a cooler property market that could weigh on China’s slowing economy. Housing prices in none of the 70 cities monitored by the National Bureau of Statistics rose in September, with 69 seeing a decline, the bureau said yesterday.
The number of cities where prices had fallen have risen for six months in a row, official data showed.
Construction material companies fell amid the grim real estate market outlook. Anhui Conch Cement Co fell 1 percent to 16.57 yuan (US$2.71) and Huaxin Cement Co dipped 0.4 percent to 7.84 yuan.
Earlier this week, the bureau said China’s economy grew 7.3 percent annually in the third quarter, its slowest pace in more than five years.
The slowing economic growth has hurt companies’ financial results, said Zhou Xuejun, analyst with China Nature Asset Management Co. He said several more are due to release their third quarter results in coming weeks.
China Construction Bank shed 0.25 percent to the lowest in two weeks after its profit for the first three quarters this year rose 7.8 percent from a year earlier to 190.3 billion yuan, missing market expectations. Great Wall Motor Co, the biggest Chinese maker of SUVs, slid 6.7 percent to 29.18 yuan after it said third-quarter profit dropped 22 percent.
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