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China: Shares fall, investors await economic data

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China stocks slid on Thursday in subdued trade as some investors awaited direction from coming economic data and others remained wary of the market in spite of government support.

[HONG KONG] China stocks slid on Thursday in subdued trade as some investors awaited direction from coming economic data and others remained wary of the market in spite of government support.

The CSI300 index of the largest listed companies in Shanghai and Shenzhen fell 0.9 per cent, to 3,831.85 points.

The Shanghai Composite Index also lost 0.9 per cent, to 3,661.99.

Investors want to see China's July trade data, to be released on Saturday, while they watch out for new government policy linking to economic and infrastructure-related area.

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Market voices on:

Chinese banks' non-performing loans rose to 1.8 trillion yuan (S$401 billion) at the end of June, up 35.7 per cent from a year earlier, according to the chairman of China Banking Regulatory Commission (CBRC).

In recent weeks, Beijing has rolled out an unprecedented series of support measures, including cajoling Chinese brokerages and pension funds to buy stocks and cracking down on short-selling.

Goldman Sachs estimates China's "national team" tasked with rescuing the domestic stock market has spent 860 billion-900 billion yuan so far.

Among the most active stocks in Shanghai was China Shipbuilding Industry, up 2.6 per cent at 13.89 yuan, and SDIC Xinji Energy, down 4.1 per cent at 13.69 yuan.

Among the most traded in Shenzhen, Wanxiang Qianchao rose 10 per cent to 20.5 yuan, and BYD Co Ltd was up 10 per cent at 65.4 yuan.

REUTERS

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