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1st LD-Writethru: China shares close mixed on soft economic data

Xinhua, March 10, 2015 Adjust font size:

Chinese shares closed mixed on Tuesday after fresh consumer price and producer price data showed continued weakness in the economy.

The benchmark Shanghai Composite Index shed 0.49 percent to finish at 3,286.07 points. The Shenzhen Component Index gained 0.20 percent to close at 11,556.65 points.

Combined turnover on the two bourses amounted to 652 billion yuan (106 billion U.S. dollars), slightly lower than the previous trading session's 657 billion yuan.

China's consumer price index, the main gauge of inflation, grew 1.4 percent year on year in February, quickening from the 0.8 percent gain in January, the National Bureau of Statistics (NBS) said Tuesday.

But analysts say the uptick is unlikely to be sustained as February data is distorted by the the timing of Spring Festival, which pushed up food and travel prices.

The producer price index, which measures wholesale inflation, plunged 4.8 percent year on year in February, marking the 36th straight month of decline and pointing to continued weak market demand.

Bank shares suffered big losses Tuesday as profit-taking fell after making huge gains the previous trading day.

Bank of Beijing went down 3.89 percent, Industrial Bank closed down 3.13 percent while China CITIC Bank ended 3.0 percent lower.

Wine makers retreated with the sub-index tracking wine companies dropping 0.69 percent. Leading liquor maker Kweichow Moutai moved down 1.95 percent.

The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, surged 2.55 percent to end at a new high of 2,045.32 points. Endi