SHANGHAI’S shares extended their losses yesterday after investors were put off by data showing an industrial slowdown while profit taking also cooled the market, analysts said.
The Shanghai Composite Index lost 0.79 percent to 3,402.52 points, dragged by steel making and metal mining shares following a decline in industrial production growth last month.
“The weaker-than-expected economic data released Tuesday is still dampening investor sentiment, clouding the stock market with a dim economic outlook,” said Gu Xiaohui, chief investment consultant at Lianchu Securities.
China’s industrial production lost 0.4 percentage points in October from a month ago, the National Bureau of Statistics said on Tuesday.
Investors also took the opportunity to indulge in “profit taking after a six-day rebound, given that some sectors have posted drastic losses,” said Tianxin Investment, a domestic investment consultancy.
China Kings Resources Group Co, a metal miner, fell 6.97 percent to 22.15 yuan, while Xinjiang Ba Yi Iron & Steel Co dropped 5.52 percent to end at 14.56 yuan.