China stocks end lower after data shows economy cooling

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China stocks end lower after data shows economy cooling


(stock picture)
(stock picture)

China stocks ended lower on Tuesday after data showed further signs of cooling in the country’s economy and as trade war worries lingered.

The blue-chip CSI300 index fell 0.5pc to 3,372.91 points while the Shanghai Composite Index closed down 0.2pc at 2,780.96 points.

China’s economy is showing signs of cooling further as the US prepares even tougher trade tariffs, with investment growth slowing to a record low and consumers turning more cautious about spending, data showed on Tuesday.

China on Tuesday condemned measures targeting it in a new US defence act, saying it would comprehensively assess aspects that beef up the role of a panel tasked with reviewing foreign investment proposals.

Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.05pc while Japan’s Nikkei index closed up 2.28pc.

At 07:04 GMT, the yuan was quoted at 6.8801 per US dollar, 0.14pc firmer than the previous close of 6.89.

The largest percentage gainers in the main Shanghai Composite index were Hunan Corun New Energy Co up 10.04pc, followed by Nancal Technology Co, up 10.02pc, and IReader Technology Co, up 10.01pc.

The largest percentage losers in the Shanghai index were HNA Infrastructure Investment Group Co, down 9.96pc, followed by Zhejiang Xinneng Photovoltaic Technology, down 8.84pc and Shanghai Xintonglian Packaging Co, down 5.21pc.

So far this year, the Shanghai stock index is down 15.9pc, the CSI300 has fallen 16.3pc while China’s H-share index listed in Hong Kong is down 8.2pc.

Shanghai stocks have declined 3.31pc this month.

About 10.96 billion shares were traded on the Shanghai exchange, roughly 78.4pc of the market’s 30-day moving average of 13.97 billion shares a day.

The volume in the previous trading session was 12.75 billion.

As of 07:05 GMT, China’s A-shares were trading at a premium of 17pc over the Hong Kong-listed H-shares.

The Shanghai stock index is below its 50-day moving average and below its 200-day moving average.

The price-to-earnings ratio of the Shanghai index was 12.15 as of the last full trading day while the dividend yield was 2.7pc.

Reuters

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