China’s stock index dips following retail sales concern
City Index February 18, 2013 2:15 PM
<p>Worries regarding slow sales during the Lunar New Year holiday have resulted in a fall for China’s benchmark stock index.</p>
The benchmark stock index in China has dipped today (February 18th) amid concerns that the Lunar New Year holiday may have seen a slowing in retail sales growth.
Driven by consumer goods makers and property developers, the Shanghai Stock Exchange Composite Index had fallen 0.45 per cent to stand at 2,421.56 at 08:30 GMT, Bloomberg reports.
The movement comes after officials attempted to implement a crackdown on spending, which resulted in food and drink expenditure reducing and consumer staples producers enduring significant losses.
A 4.4 per cent tumble was experienced by Kweichow Moutai, while concerns over property transactions led to Gemdale Corp falling 5.2 per cent and gold producer Zijin Mining Group witnessed its sharpest drop since September following a dip in bullion futures.
The Hang Seng China Enterprises Index of Chinese firms trading in Hong Kong also declined by 0.7 per cent, with the CSI 300 Index reducing by 1.2 per cent.
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