Sharp fall for China stocks after holiday

Mainland stocks dropped sharply after a three-day trading holiday ended on Thursday, reacting to official economic data released over the weekend, Bloomberg reported. The Shanghai Composite Index fell 2.8% to a six-month low. Industrial production figures for May missed market expectations on Sunday, falling to 9.2% growth compared to an expectation of 9.4%. That data release followed one day after the announcement that exports grew only 1%, while the market was predicting a 7.4% increase. SAIC Motor (600104.SHA), the country’s biggest auto manufacturer, led declines with a 3.9% decrease in its share price.