Shanghai shares halt six-day winning run

Lower-than-expected economic data cloud investor sentiment

Shanghai stocks ended a six-day rising streak today amid lower-than-expected economic data.

The Shanghai Composite Index dipped 0.53 percent to 3,429.55 points after investors digested the news that following that China’s value-added industrial output expanded 6.2 percent in October from a year ago, down 0.4 percentage points from September.

“The lower-than-expected data from the National Bureau of Statistics has clouded investor sentiment,” said Shen Meng, director of Chanson & Co, a domestic investment bank. “Capital will flow out from sectors that are slowing down.”

Property and mining stocks shrank echoing the bureau’s statement that investment into property slowed and mining output shed 1.3 percent from a year ago.

Most sectors dropped, with HNA Innovation Co, a property investment company, tumbling 6.37 percent to 5.29 yuan (80 US cents), while Shanghai Hongda Mining Co lost 4.38 percent to 12.45 yuan.

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