Bloomberg,
(11/11) -- China’s stocks fell for a fourth day, led by property and
energy companies, as investors assess weekend economic reports and the
start of a Communist Party meeting to discuss structural reforms.Shanghai
Waigaoqiao Free Trade Zone Development Co. plunged 6.3 percent to drag
down a measure of property companies to the lowest level in two months.
China Oilfield Services Ltd. and Yanzhou Coal Mining Co. led declines
for energy producers. China CNR Corp. and CSR Corp. advanced more than 3
percent to pace gains for railway companies.The Shanghai
Composite Index dropped 0.4 percent to 2,097.11 at 9:51 a.m. local time.
Industrial output rose 10.3 percent from a year earlier in October,
according to data released Nov. 9 by the National Bureau of Statistics.
Inflation was 3.2 percent last month, producer prices fell 1.5 percent
from a year earlier and retail sales rose 13.3 percent.The
CSI 300 Index slid 0.4 percent to 2,298.59. The Hang Seng China
Enterprises Index fell 0.7 percent. The Bloomberg China-US Equity Index
added 1.1 percent in New York on Nov. 8.The Shanghai index has
dropped 13 percent from this year’s high set on Feb. 6 on concern
economic growth will slow in the fourth quarter. The measure trades at
8.4 times projected profit for the next 12 months, compared with the
seven-year average of 15.3, according to data compiled by Bloomberg.China’s
economy entered the final quarter of 2013 with an acceleration in
manufacturing and exports, momentum that offered confidence to Communist
leaders gathering to determine policy shifts for the coming decade.
