China stocks close lower on 1-year-low economic growth
Monday, October 18, 2021       15:07 WIB

SHANGHAI, Oct 18 (Reuters) - China stocks closed lower on Monday as data showed growth in the world's second-largest economy hit a one-year low, while analysts did not expect an imminent broad monetary policy support.
The blue-chip CSI300 index fell 1.2%, to 4,874.78, while the Shanghai Composite Index lost 0.1% to 3,568.14 points.
** China's economy grew 4.9% in July-September from a year earlier, the weakest pace since the third quarter of 2020, hurt by power shortages, supply bottlenecks and sporadic COVID-19 outbreaks and rising heat on policymakers amid increasing jitters over the property sector.
** Despite slowing growth, policymakers signalled they have other ways to support growth. Some analysts toned down their expectations for further broad monetary policy support.
** "The PBoC may use instruments such as the medium-term lending facility (MLF), open market operations (OMO) and a newly introduced 'green facility' to keep liquidity conditions reasonably adequate in Q4," Nomura said in a note, citing the liquidity support may not be in the form of an RRR cut.
** Real estate stocks fell over 2.5% on signs of a slowdown in the sector and even as the central bank said spillover effects from China Evergrande Group's debt woes were controllable.
** "We see no major change to Beijing's property curbs from the PBOC presser," wrote Ting Lu, chief China economist at Nomura.
** A former government expert said China could widen property tax trial, after President Xi Jinping on Friday called for progress on the tax that could help reduce wealth inequality.
** Consumer staples stocks dropped over 3%, with liquor makers shedding 7.4%.
** Energy and coal stocks soared 4.7% and 5.9%, respectively.
** China's coking coal and coke futures jumped to record highs as supply remains tight even though Beijing has ramped up efforts to boost output. (Reporting by Shanghai Newsroom; Editing by Krishna Chandra Eluri)

Sumber : Reuters.com

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