HONG KONG: China stocks closed flat on Tuesday as mixed economic data, including weak consumer spending and a prolonged property slump, weighed on markets, while tech shares’ strength offered support.
The Shanghai Composite Index briefly strengthened past the 4,100 level in morning trade before giving up its gains and dropping 0.1 percent to 4,091.89 at market close.
The blue-chip CSI300 index was down 0.2 percent. Data released on Tuesday showed increasing unevenness in China’s economy last month, with retail sales falling for the first time in over three years and investment slumping, while industrial output picked up pace.
Meanwhile, new home prices fell at a slightly faster pace in May, official data showed on Tuesday, as the crisis-hit property sector continued to grapple with fragile demand.
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