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Shanghai market loses 1.61% in morning
By Lydia Chen |
August 2, 2011, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S benchmark index fell to the lowest in nearly six weeks this morning as investors chose to sit aside after China said its manufacturing growth continued to slow in July.
Despite the slowing growth, China's central bank yesterday reiterated that it will not relax monetary policy in the second half of this year as it continues to battle inflation and speculation in the property market.
The Shanghai Composite Index lost 1.61 percent to 2,660.20, the lowest since June 22.
Almost all sectors shed in the morning trading except medical equipment manufacturers.
Commodities were one of the biggest losers this morning amid concerns over the slowing economy while a report also showed US manufacturing expanded in July at the slowest pace in two years.
Jiangxi Copper slumped 2.95 percent to 35.50 yuan. Inner Mongolia Baotou Steel Union Co lost 3.48 percent to 7.48 yuan. PetroChina, China's largest oil producer, was down 1.60 percent to 10.48 yuan.
The growth of China's industrial activities slowed for a fourth consecutive month in July. The official Purchasing Managers' Index fell 0.2 percentage point from a month earlier to 50.7 percent last month, the China Federation of Logistics and Purchasing said yesterday.
The performance was the weakest since March 2009.
Meanwhile, in the United States, the country's Institute for Supply Management's factory index fell to 50.9 last month from 55.3 in June, meaning the industry that's been driving the economic expansion is starting to weaken.
Airlines also contributed to the falling market this morning after most domestic airliners said they will raise fuel surcharges on domestic routes today after the country's top economic planning body increased ex-factory jet fuel price yesterday.
China Eastern Airlines skipped 3.31 percent to 5.25 yuan. China Southern Airlines declined 3.14 percent to 8.03 yuan.
Despite the slowing growth, China's central bank yesterday reiterated that it will not relax monetary policy in the second half of this year as it continues to battle inflation and speculation in the property market.
The Shanghai Composite Index lost 1.61 percent to 2,660.20, the lowest since June 22.
Almost all sectors shed in the morning trading except medical equipment manufacturers.
Commodities were one of the biggest losers this morning amid concerns over the slowing economy while a report also showed US manufacturing expanded in July at the slowest pace in two years.
Jiangxi Copper slumped 2.95 percent to 35.50 yuan. Inner Mongolia Baotou Steel Union Co lost 3.48 percent to 7.48 yuan. PetroChina, China's largest oil producer, was down 1.60 percent to 10.48 yuan.
The growth of China's industrial activities slowed for a fourth consecutive month in July. The official Purchasing Managers' Index fell 0.2 percentage point from a month earlier to 50.7 percent last month, the China Federation of Logistics and Purchasing said yesterday.
The performance was the weakest since March 2009.
Meanwhile, in the United States, the country's Institute for Supply Management's factory index fell to 50.9 last month from 55.3 in June, meaning the industry that's been driving the economic expansion is starting to weaken.
Airlines also contributed to the falling market this morning after most domestic airliners said they will raise fuel surcharges on domestic routes today after the country's top economic planning body increased ex-factory jet fuel price yesterday.
China Eastern Airlines skipped 3.31 percent to 5.25 yuan. China Southern Airlines declined 3.14 percent to 8.03 yuan.
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