STOCK MARKET WATCH -- Monday, 11 March 2013

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29. China’s Stocks Drop for Third Day as Data Spurs Economy Concerns

http://www.bloomberg.com/news/2013-03-11/china-s-stock-index-futures-drop-after-release-of-economic-data.html

China’s benchmark stock index fell in its longest losing streak in three months as the country’s industrial output had the weakest start to a year since 2009 and lending and retail sales growth slowed.

Industrial Bank Co. (601166) led lenders lower after the nation’s new loans last month trailed analyst estimates. Liquor maker Sichuan Swellfun Co. dropped among consumer companies after the country’s retail sales growth in the first two months was the smallest for that period since 2004. China Vanke Co. (000002) and Poly Real Estate Group Co. advanced at least 1.4 percent as property sales jumped this year.

“The economic recovery is weaker than expected,” said Wang Zheng, Shanghai-based chief investment officer at Jingxi Investment Management Co., which manages $120 million. “Investors are worried that stocks may already have moved ahead of fundamentals.”
The Shanghai Composite Index (SHCOMP) dropped 0.4 percent to 2,310.59 at the close, trimming its gain since last year’s Dec. 3 low to 18 percent. The CSI 300 Index (SHSZ300) declined 0.6 percent to 2,592.37. The Hang Seng China Enterprises Index (HSCEI) slipped 0.1 percent in Hong Kong. The Bloomberg China-US 55 Index (CH55BN) rose 1 percent in New York on March 8.