China shares fall as industrial profit growth slows

Credit: REUTERS/ALY SONG

Chinese A-shares fell on Tuesday, weighed by industrial and consumer staple firms, after data showed a slowdown in industrial profit growth in September.

SSEC -0.37%, CSI300 -0.33%, HSI -1.16%

Industrial firms weigh as profit growth slows

Yuan firms to 6.7021 per dollar

SHANGHAI, Oct 27 (Reuters) - Chinese A-shares fell on Tuesday, weighed by industrial and consumer staple firms, after data showed a slowdown in industrial profit growth in September.

** At the midday break, the Shanghai Composite index .SSEC was down 0.37% at 3,239.03 points.

** China's blue-chip CSI300 index .CSI300 fell 0.33%, with its industrial sector sub-index .CSI000910 down 0.87%. Financial shares .CSI300FS slipped 0.71% and the consumer staples sector .CSI000912 dipped 0.19%.

** Profits at China's industrial firms rose 10.1% in September year-on-year but growth slowed from August, data from the National Bureau of Statistics showed on Tuesday, as factory-gate deflation and rising raw materials costs undercut a recovery in the manufacturing sector.

** The smaller Shenzhen index .SZSC fell 0.22%, while the start-up board ChiNext Composite index .CNT gained 0.54% and Shanghai's tech-focused STAR50 index .STAR50 added 1.01%​.

** Chinese H-shares listed in Hong Kong .HSCE dropped 1.53% to 9,970.88, while the Hang Seng Index .HSI fell 1.16% to 24,629.93. ** That follows Wall Street sharp fall overnight as anxiety grew over new record daily COVID-19 cases in the United States and part of Europe and uncertainty about a U.S. coronavirus relief package.

** Investors in Hong Kong lined up to participate in Ant Group's 688688.SS, 6688.HK initial public offering, putting the company on track to raise up to $34.4 billion in the world's largest stock market debut.

** The yuan CNY=CFXS was quoted at 6.7021 per U.S. dollar, 0.14% firmer than the previous close of 6.7118.

** This year, the Shanghai stock index is up 6.2%​ and the CSI300 has risen 14.1%, while China's H-share index listed in Hong Kong has fallen 10.7%. Shanghai stocks have risen 0.65% this month.

(Reporting by Andrew Galbraith; Editing by Amy Caren Daniel)

((Andrew.Galbraith@tr.com; +86 21 2083 0079; Reuters Messaging: andrew.galbraith.thomsonreuters.com@reuters.net ; Twitter: https://twitter.com/apgalbraith))

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