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Author: Tan KW   |   Latest post: Fri, 5 Jun 2020, 11:24 AM

 

Shanghai stocks retreat from 13-month high on profit taking

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SHANGHAI: Shanghai stocks retreated from a 13-month closing high to end lower on Thursday, as investors locked in gains following a strong rally underpinned by signs of an economic rebound.
 
The blue-chip CSI300 index ended 0.4 percent weaker at 4,072.08 points, while the Shanghai Composite Index closed 0.4 percent lower at 3,250.20 points.
 
China's economy grew at a steady 6.4 percent pace in the first quarter, data showed on Wednesday, defying expectations for a further slowdown, as industrial production jumped sharply and consumer demand showed signs of improvement.
 
The stock market, which has priced in economic stabilisation, has surged roughly 30 percent so far this year. However, investors kept a cautious stance as they looked for further clues on the health of the global economy.
 
"Stocks have risen a lot this year. However, there's no need to worry, because it's just recouping last year's losses, and we think there's still room to rise," said Louis So, co-chief investment officer of Value Partners Group, citing signs of economic recovery, relatively low valuations, and continuous foreign money inflows.
 
Around the region, MSCI's Asia ex-Japan stock index was weaker by 0.4 percent, while Japan's Nikkei index closed down 0.84 percent.
 
In Shanghai, Shanghai stocks retreated from a 13-month closing high to end lower on Thursday, as investors locked in gains following a strong rally underpinned by signs of an economic rebound.
 
 The blue-chip CSI300 index ended 0.4 percent weaker at 4,072.08 points, while the Shanghai Composite Index closed 0.4 percent lower at 3,250.20 points.
 
 China’s economy grew at a steady 6.4 percent pace in the first quarter, data showed on Wednesday, defying expectations for a further slowdown, as industrial production jumped sharply and consumer demand showed signs of improvement.
 
 The stock market, which has priced in economic stabilisation, has surged roughly 30 percent so far this year.
 
However, investors kept a cautious stance as they looked for further clues on the health of the global economy.
 
In Seoul, South Korean shares slumped 1.4 percent on Thursday as foreign investors and local institutions trimmed their equity exposure amid intensifying trade frictions. The won and the benchmark bond yield fell after the central bank cut its 2019 growth forecast further to a seven-year low.
 
The main KOSPI stock index closed down 32.12 points, or 1.43%, at 2,213.77, declining for a second straight session. 
 
Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.4 percent, while Japan’s Nikkei index closed down 0.84 percent.
 
 
- Reuters 
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