Shanghai stocks under pressure amid weak industrial profits

Hu Yumo
Sentiment waned after data revealed that China's industrial profits fell 9.9 percent in October year-on-year, compared with a 5.3 percent decline in September.
Hu Yumo

Shanghai stocks dipped on Wednesday as investors turned cautious amid weak industrial profit data.

The Shanghai Composite Index fell 0.13 percent to 2,903.19 points. 

Coal miners, banks and home appliances companies were also among the biggest decliners. 

Market sentiment was weak after the National Bureau of Statistics revealed that China's industrial profits fell 9.9 percent in October year on year to 427.56 billion yuan (US$60.74 billion), marking the biggest drop since the January-February period and compared with a 5.3 percent decline in September.

The bureau's senior statistician Zhu Hong said that the fall was mainly due to a widening decrease in producer prices for manufactured goods and slower production and sales growth.

China Zheshang Bank Co Ltd fell 4.63 percent to 4.74 yuan and Hangzhou XZB Tech Co Ltd declined 3.92 to 32.08 yuan.

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