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China shares touch 8-month high

Monday, August 18 09:47:00

China's stock indexes rose moderately on Monday, with the Shanghai Composite Index touching its highest since December 2013 even amid weak investment and housing data, but home price slides on the mainland dampened shares in Hong Kong.

By midday, the CSI300 index of leading Shanghai and Shenzhen A-share listings was up 0.4 percent and the Shanghai Composite rose 0.4 percent to 2,235.44 points, easing off its highest level since Dec 2013.

In Hong Kong, however, the HSI index was down 0.5 percent at 24,838.4 points, with the China share sub-component underperforming to lose nearly 1 percent.

China's property prices slid for a third straight month in July, but shares in property developers -- many of which are index heavyweights -- evinced no particular reaction, rising in line with their broader indexes.

However, China Baoan Group managed to be the lead supporter of the CSI300 index's rise, based on ongoing speculation in the stock following June reports that it would reallocate its investments out of real estate toward new energy, analysts said.

Media-related companies posted big rises in Shanghai and Shenzhen on Monday, a sector mainly dominated by small- and medium-sized enterprises (SMEs) in China, with Shanghai Ganglian E-Commerce Holdings jumping 7.7 percent and Guangdong Guangzhou Daily Meida up 8.7 percent.

Analysts said that investors were still wary about economic stability and have held back from aggressive moves given mixed macroeconomic data in July.

China drew $71.1 billion in foreign direct investment (FDI) in the first seven months of 2014, down 0.4 percent from a year earlier and 17 percent lower month-on-month.

Sun Hung Properties fell 1.5 percent in its biggest drop in more than two weeks, and Bank of China was also down 1.1 percent in its biggest slide since August 1. (Reuters)

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