November 14, 2018 / 7:34 AM / 6 months ago

China shares end lower on growth concerns; oil slump dents energy firms

* Shanghai Composite index -0.9 pct, CSI300 -1 pct

* Energy sector sub-index falls 2.06 pct

* Weak retail sales growth hits consumer firms

SHANGHAI, Nov 14 (Reuters) - China’s stock markets ended weaker on Wednesday as new data underscored concerns about weaker economic growth and as energy producers slipped on plunging oil prices. ** At the close, the Shanghai Composite index was down 0.9 percent at 2,632.24 points. ** The blue-chip CSI300 index ended 1 percent lower, with its financial sector sub-index closing down by 1.08 percent, and the healthcare sub-index ending 0.99 percent weaker. ** Retail sales growth in China slowed in October to 8.6 percent, its weakest pace since May, adding to worries that slower domestic consumption could put the brakes on growth even as Beijing pushes policy measures to support the real economy. But those measures helped China’s industrial output and fixed-asset investment to rise more than expected in the first 10 months of 2018. ** Data released late Tuesday showed that China’s credit growth slowed sharply in October, despite pressure by regulators on banks to help keep cash-starved companies afloat, pointing to further weakening in the economy. ** Property investment growth hit a 10-month low in October and home sales fell, underscoring softening domestic demand. ** A sub-index of the CSI300 tracking consumer staples firms dropped 2.05 percent. ** Oil markets fell on Wednesday, extending losses from a 7 percent plunge in the previous session amid surging supply and as investors worry about faltering demand. ** Cheap oil pulled energy stocks lower, with a sub-index tracking the sector falling 2.06 percent, but airlines gained. Air China added 1.48 percent and China Southern Airlines jumped 2.19 percent. ** The smaller Shenzhen index ended down 0.4 percent and the start-up board ChiNext Composite index was weaker by 0.454 percent. ** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.5 percent, while Japan’s Nikkei index closed up 0.16 percent. ** At 0706 GMT, the yuan was quoted at 6.951 per U.S. dollar, 0.09 percent firmer than the previous close of 6.957. ** The largest percentage gainers in the main Shanghai Composite index were Zhongmin Energy Co Ltd, which ended up 10.09 percent, followed by Harbin Hatou Investment Co Ltd , which closed 10.08 percent higher and Jiangsu Wuzhong Industrial Co Ltd, which closed 10.08 percent firmer. ** The largest percentage losses in the Shanghai index were Shenzhen Geoway Co Ltd, which ended down 8.2 percent, followed by Shandong Jiangquan Industry Co Ltd , which closed 7.1 percent weaker and Shanghai Greencourt Investment Group Co Ltd, which ended down 6.93 percent. ** So far this year, the Shanghai stock index is down 20.4 percent, the CSI300 dropped 20.5 percent, while China’s H-share index listed in Hong Kong is down 11.3 percent. Shanghai stocks rose 1.13 percent this month. ** About 23.84 billion shares were traded on the Shanghai exchange, roughly 148.1 percent of the market’s 30-day moving average of 16.10 billion shares a day. The volume in the previous trading session was 24.93 billion. ** As of 0707 GMT, China’s A-shares were trading at a premium of 17.74 percent over the Hong Kong-listed H-shares. ** The Shanghai stock index is below its 50-day moving average and below the 200-day moving average. ** The price-to-earnings ratio of the Shanghai index was 11.08 as of the last full trading day, while the dividend yield was 2.8 percent. ** So far this week, the market capitalisation of the Shanghai stock index climbed 2.16 percent to 28.40 trillion yuan.

Reporting by Andrew Galbraith, Editing by Sherry Jacob-Phillips

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