China's shares tumbled after weak industrial profits data

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Source: Dukascopy Bank SA
China's blue chips dropped on Monday after the National Bureau of Statistics reported that China's industrial companies profits fell by annualized 5.4% in July. Pushing Chinese stocks lower, HSBC downgraded the country's growth forecast to 8.0% from 8.4% for this year, citing recent weak data releases. The Hang Seng Index slumped 0.41% to close at 19,798.67. Only two in nine industries within the index managed to climb. The biggest gains posted telecommunication shares, with China Mobile rising by 0.60%. Sinopec rose by 3.35% after reporting smaller than expected drop of 41% in H1 income. At the same time, basic materials and consumer services dragged the index lower. Aluminum Corp of China and Sands China plunged 3.98% and 1.81%. Financials also weighed on the Hang Seng Index. Bank of China and Bank of Communications lost 0.68% and 0.39%.

 

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