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China shares shed gains after weak data stirs growth worries
August 13, 2014 / 7:13 AM / 3 years ago

China shares shed gains after weak data stirs growth worries

HONG KONG, Aug 13 (Reuters) - China shares surrendered most early gains and ended flat on Wednesday after disappointing economic data sparked worry a recovery may be at risk despite government efforts to shore up growth.

The CSI300 of the leading Shanghai and Shenzhen A-share listings ended the day up 0.1 percent.

The Shanghai Composite Index was also up 0.1 percent, at 2,222.88 points. The benchmark index rose 0.4 percent to an 8-month high in early trade, but then fell to be down as much as 0.9 percent after central bank data showed the amount of money flowing into China’s economy slowed to the lowest level in nearly six years in July.

Figures on fixed-asset investment and retail sales, released after the lunch break, also missed forecasts.

Chinese banks were broadly weaker, with Industrial and Commercial Bank of China down 0.6 percent and Bank of Communications off 0.9 percent.

The makers of China’s fiery liquor baijiu bucked the trend and posted solid gains on hopes sales would jump with the Mid-Autumn Festival nearing.

Jiugui Liquor soared the maximum allowed 10 percent, while Anhui Gujing Distillery climbed 4.3 percent (Reporting by Grace Li; Editing by Richard Borsuk)

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