China Shares Flat On October Economic Data

SHANGHAI (AP) — Chinese stocks ended flat Wednesday after an eight-day rally, as October's economic data fell within expectations.

The benchmark Shanghai Composite Index slipped 3.42 points, or 0.1 percent, to close at 3,175.19, while the Shenzhen Composite Index for China's second exchange edged up 0.1 percent to 1,135.5.

China's industrial output and retail sales rose again in October, while the slump in exports narrowed, adding to signs to the country's economic recovery, the government reported Wednesday.

But analysts said the market was lackluster as the data came as no surprise.

"There's no question on the economy, so the figures were dull to investors. Their appetite was already high," said Wen Lijun, an analyst for Nanjing Securities.

Food-related shares rose on higher retail sales data. Shanghai Maling Aquarius Co., a major can food supplier, surged 5.3 percent to 10.49 yuan, while Inner Mongolia Yili Industrial Group Co., China's top dairy company, jumped 3.7 percent to 26.93 yuan.

Bank shares were mixed as new lending in October fell to the lowest in the year. China Construction Bank Ltd. shed 0.7 percent to yuan, Bank of China Ltd. ended flat at 4.19 yuan, while Industrial & Commercial Bank of China Ltd., China's biggest commercial lender, edged up 0.2 percent to 5.35 yuan.