China: Stocks hit by profit-taking, inflation data has little impact

[SHANGHAI] China stocks slipped on Wednesday, which analysts said appeared to reflect profit-taking after strong recent gains.

The mainland markets were not significantly impacted by September inflation data showing the economy is still under deflationary pressure.

China's consumer price index (CPI) rose 1.6 per cent in September from a year earlier, lower than expected, while producer prices extended their slide to a 43rd straight month.

In the afternoon, stocks fell across the board. There was a net outflow in the northbound leg of the Shanghai-Hong Kong Stock Connect scheme, in contrast to inflows in previous sessions.

The CSI300 index of the largest listed companies in Shanghai and Shenzhen fell 1.1 per cent, to 3,406.11, while the Shanghai Composite Index lost 1.0 per cent, to 3,262.44 points.

The indexes had gained roughly 8 per cent during the past four trading sessions.

REUTERS