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Chinese shares fall 1.95% amid concerns over poor economic data

(Xinhua)
Updated: 2009-01-13 15:51

Poor economic data and a bleak corporate earnings outlook pushed the Chinese stock market lower again on Tuesday.

The Shanghai Composite Index fell 36.98 points, or 1.95 percent, to 1,863.37. The Shenzhen Component Index fell 2.81 percent to 6,530.81, down 189.10 points.

Combined turnover declined to 80.33 billion yuan ($11.75 billion) from 94.9 billion yuan of the previous trading day. Losses outnumbered gains by 753 to 122 in Shanghai and by 671 to 84 in Shenzhen.

The General Administration of Customs said Tuesday that the country's exports fell 2.8 percent year-on-year to $111.16 billion, while imports fell 21.3 percent to $72.18 billion. The figures reflected that the economy was more deeply bitten by the financial crisis.

Investors remained cautious ahead of the economic data release this and next week, said analysts. China Securities Journal on Tuesday reported a year-on-year growth forecast of December's Consumer Price Index (CPI) at or even below 1.5 percent.

Banking shares fell across the board and led the downward trend after Shenzhen Development Bank said its 2008 profit had dropped 77 percent. Shenzhen Development Bank slid 3.96 percent to 9.47 yuan.

Its losses reignited concerns over dismal earnings of other corporations coming up soon, said analysts.

The poor result also dragged down other banks shares. Hua Xia Bank and China Merchant Bank dropped 3.82 percent and 2.51 percent to close at 7.30 yuan and 12.02 yuan, respectively.

Auto and steel stocks bucked the trend but failed to prop up the market. Tuesday's media reports said the government would be expected to mull plans to revive the two sectors on Wednesday.

Lingyuan Iron and Steel rose 4.11 percent to 5.32 yuan and Xinjing Ba Yi Iron and Steel advanced 2.87 percent to 6.45 yuan.

Chongqing Dima Industry and Anhui Xingma Automobile rose by the daily limit of 10 percent to end at 3.91 and 4.92 yuan, respectively.