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China stocks edge down as investors shrug off profit data
December 27, 2016 / 7:08 AM / a year ago

China stocks edge down as investors shrug off profit data

SHANGHAI, Dec 27 (Reuters) - China’s main stock indexes inched down in light trading on Tuesday as many investors shrugged off data showing solid profit growth for the industrial sector in November.

The CSI300 index fell 0.2 percent, to 3,316.65 points, while the Shanghai Composite Index lost 0.2 percent, to 3,115.00 points.

Trading volume in Shanghai and Shenzhen declined to nearly three-month lows, despite fresh signs of economic improvement as China reported that November industrial profits increased 14.5 percent from a year earlier.

Shares of some construction firms, including Longjian Road & Bridge Co and Long Yuan Construction Group , surged on hopes China will boost infrastructure investment next year.

To sweeten infrastructure deals for private investors, China has unveiled plans to securitise assets that are part of public-private partnership (PPP) investments.

The property sector gave back some initial gains but still remained the best performer, up more than 1.3 percent, as it got a boost from index heavyweight China Vanke Co Ltd.

Raw material stocks steadied after Monday’s sharp declines, as Beijing punished officials and two steel market for breaking capacity-cutting rules.

But declines in futures contract of coke, down about 2 percent at the close, dragged energy majors lower.

Reporting by Jackie Cai and John Ruwitch; Editing by Richard Borsuk

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