Shares close lower on economic data worries

Shanghai stock market dropped in heavy trade yesterday, led by property and financial shares, on worries that November economic data, to be released in coming days, would be poor.

Fan Gang, an advisor to the central bank, said Chinese exports may have fallen in November from a year earlier and growth in industrial production could have slowed to about 5 percent.

The Shanghai Composite Index ended down 2.54 percent at 2037.74 points, after rising for four straight days on hopes for more economic stimulus steps from the government. It climbed 3.57 percent on Monday to a two-month closing high.