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China stocks close lower on disappointing exports

(Xinhua)

11:06, August 12, 2012

Chinese stocks closed lower on Friday due to disappointing export and lending figures. The benchmark Shanghai Composite Index declined 0.24 percent, or 5.29 points, to close at 2,168.81.

The Shenzhen Component Index closed at 9,238.2, down 1.06 percent, or 99.34 points.

Losers outnumbered gainers by 577 to 338 in Shanghai and 919 to 546 in Shenzhen.

Combined turnover on the two bourses shrank to 124.32 billion yuan (19.59 billion US dollars) from 135.93 billion yuan in the previous trading day.

China's export growth slowed sharply in July to a six-month low following dwindling demand from Europe and Japan, the General Administration of Customs (GAC) said Friday.

Exports rose 1 percent year on year to 176.9 billion US dollars in July, plummeting from the 11.3-percent growth seen in June.

The central bank said China's new yuan-denominated lending in July declined sharply to 540.1 billion yuan, the lowest level this year.

Liquor producers and shipbuilders led the drops, with sub-indices for the sectors dropping 2.81 percent and 1.35 percent, respectively.

Kweichow Moutai Co., a leading producer of high-end liquor in China, dropped 4.87 percent to 248.21 yuan per share, though it said Friday that its net profits surged 42.6 percent year on year in the first half.

Wuliangye, another major liquor producer, dropped 2.35 percent to close at 36.58 yuan.

China Shipbuilding Industry Co., the country's largest state-owned shipbuilder, dropped 1.03 percent to 4.8 yuan per share, while major shipbuilder China CSSC Holdings Ltd. dropped 1.36 percent to 21.03 yuan.

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