Chinese Shares Retreat as Trade, Lending Data Disappoint; Xingye Silver & Tin Mining Falls 6%

MT Newswires Live10-15

Chinese shares retreated at the close of trading on Tuesday as weaker-than-expected trade data and disappointing lending figures has fueled concerns about China's economic momentum.

The Shanghai Composite Index lost 2.5%, or 83.03 points, to finish Tuesday's trade at 3,201.29. The Shenzhen Component Index likewise fell 2.5%, or 260.88 points, to 10,066.52.

China's exports rose 2.4% year on year to $3.037 trillion in September, the slowest in five months, according to data released by China's General Administration of Customs. The growth rate decelerated from August's 8.7% growth and missed the 6% growth forecast by analysts in a Reuters poll.

Import figures also disappointed, barely growing by 0.3% to reach $2.220 trillion, falling short of analysts' projections of a 0.9% increase.

The lending sector also showed signs of weakness. Renminbi-denominated loans in September reached 1.59 billion yuan, representing a 77% increase from August. However, this figure still fell short of the 1.87 trillion yuan predicted by analysts in a Reuters poll.

In corporate news, several companies released less-than-stellar forecasts for the third quarter.

Inner Mongolia Xingye Silver & Tin Mining (SHE:000426) dropped 6.3% after forecasting a potential 14% drop in third-quarter profit compared with the previous year.

STO Express (SHE:002468) experienced a 4.5% decline despite projecting a year-on-year profit growth of up to 8,181% for the third quarter.

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