Shanghai Composite takes the support of 50-DMA, trims losses

The Shanghai Composite index dropped to 50-DMA level of 3139 before trimming gains to trade around 3187 levels. 

China’s Shenzhen Composite index fell as much as 4.5% in early trading. The tech-focused Shenzhen Composite was down 3.7%, following a 0.4% drop on Friday. 

The benchmark index is still down 1%, even though the data released today showed the economy maintained its momentum last quarter. The second largest economy expanded 6.9% in Q2, exceeding the estimate of 6.8%. 

Other regional majors are trading mixed. South Korea’s Kospi index rose 0.3% and Australia’s S&P/ASX 200 slipped 0.1%. The MSCI Asia Pacific Index advanced 0.2%. 

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