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Shanghai: Stocks rise as shipbuilder rally offsets economic data
[SHANGHAI] The Shanghai Composite Index rose for a second day as a rally by industrial companies on merger speculation overshadowed data showing a deepening economic slowdown.
The Shanghai Composite Index climbed 1.2 per cent to 3,789.69 at 9.55 am. China is considering a merger of China Shipping Group and Cosco Group, its two major shipping companies, according to people familiar with the matter. Producer prices fell in July to the lowest level since 2009 and exports dropped more than expected, data over the weekend showed. The Hang Seng China Enterprises Index of mainland shares traded in Hong Kong slid one per cent.