Chinese stocks extend losses as resources firms hurt by sluggish industrial output

Source:Reuters Published: 2017/11/15 18:53:40

China's major stock indexes extended their losses on Wednesday, hurt by resources shares amid signs of a slowdown in industrial production as the nation's economy enters a period of moderate growth.

The blue-chip CSI300 index fell 0.63 percent to 4,073.67 points, while the Shanghai Composite Index dropped 0.79 percent to 3,402.52 points.

An index tracking major material firms lost 1.7 percent, as commodity prices tumbled in Shanghai.

"The selloff appeared to be sparked by the weaker-than-expected Chinese industrial production and fixed asset investment data... Both series showed a slowing of growth in the Chinese economy," said ANZ in a report.

Data released on Tuesday showed China's economy cooled further last month, with industrial output, fixed asset investment and retail sales missing expectations as the government extended a crackdown on debt risks and factory pollution.

The largest percentage gainers in the main Shanghai index were SJEC Corp up 10.01 percent, followed by Eastern Communications Co gaining 10 percent and Hebei Hengshui Laobaigan Liquor Co up by 10 percent.

The largest percentage losses in the index were Changyuan Group down 10.01 percent, followed by Keda Clean Energy Co Ltd losing 10 percent and Xiamen King Long Motor Group Co down by 10 percent.

So far this year, the Shanghai stock index has gone up 10.5 percent. Shanghai stocks have risen 1.1 percent this month.

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