Chinese stocks swung between gains and losses as investors weighed the prospect of more policy easing after monetary data missed economists’ estimates. Technology and telecom companies gained, while property developers slumped.
ZTE Corp. led an advance for phone companies, rallying 5.2 percent. IFlytek Co. headed for a record high. Tencent Holdings Ltd. advanced 2.6 percent in Hong Kong after reporting a record profit. Poly Real Estate Group Co. slumped 1.9 percent.
The Shanghai Composite Index added 0.2 percent to 4,383.56 at 9:35 a.m. The gauge fell Wednesday after data showed fixed-asset investment slowed to the weakest pace in more than 14 years and industrial output trailed estimates. After the market close, the central bank released data showing new loans plunged, while aggregate financing and M2 money supply missed forecasts.
Source : Bloomberg