Chinese Shares Retreat on Slowing Industrial Profit Growth
MT Newswires Live10:37
Chinese shares opened lower on Monday as investor sentiment was weighed down by a deceleration in the country's industrial profit growth.
The Shanghai Composite Index, the main gauge of Chinese stocks, opened 0.3% lower at 3,878.41. The Shenzhen Component Index declined 0.4% to 13,265.79.
The market weakness followed the release of official data showing that profits at China's major industrial firms grew 15.7% year over year to 5.272 trillion yuan during the first eight months of the year.
This was slower than the 17.6% expansion recorded in the previous period, and missed the Trading Economics forecast of an 18% growth.
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