Shanghai stocks in retreat

Hu Yumo
Fall in the Shanghai Composite Index on Tuesday is led by declines among telecommunication and computer companies.
Hu Yumo

Shanghai stocks retreated on Tuesday, led by declines among telecommunication and computer companies.

The Shanghai Composite Index lost 0.56 percent to close at 2,991.05 points.

Investors became cautious after China’s factory gate prices declined at their fastest pace in more than three years in September, according to a Reuters report. 

In September, the Producer Price Index, a key barometer of corporate profitability, dropped 1.2 percent year-on-year, according to data from the National Bureau of Statistics.

Shares in semiconductor companies, new material firms and electronics enterprises were also among the biggest decliners on Tuesday.

Bomin Electronics Co Ltd fell 9.62 percent to 21.98 yuan (US$3.1) and Yonyou Network Technology Co Ltd lost 4.75 percent to 30.46 yuan.

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