Weak Economic Data Weighs on Chinese Shares; Gree Real Estate Drop 8%

MT Newswires Live07-10

Chinese shares retreated on Wednesday as sentiment soured over disappointing producer and consumer prices.

The Shanghai Composite Index fell 0.7%, or 20.01 points, to close today's trade at 2,939.36. The Shenzhen Component Index marginally slipped to 8,697.22.

Chinese producer prices slid for 21 consecutive months in June, slipping 0.8% year on year, lower than the 1.4% contraction in the previous month.

The figures show that domestic demand remains weak, Pinpoint Asset Management's chief economist, Zhiwei Zhang, said.

Consumer prices also slowed down, although it grew 0.2% in June, rising for the fifth consecutive month. It was slower than the 0.3% rise in May.

In corporate news, Gree Real Estate (SHA:600185) dipped 8.1% at the close after announcing that its first-half loss is expected to widen to up to 780 million yuan.

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