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Shanghai stocks down as S&P cut China GDP forecast
By Ye Zhen |
September 25, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks fell this morning amid renewed concern over the nation's economy after Standard & Poor's cut China's economic growth forecast.
The key Shanghai Composite Index lost 0.33 percent to 2,026.46 points. Turnover reached 23 billion yuan (US$3.7 billion) at midday.
International credit rating agency Standard & Poor's yesterday pared China's GDP growth forecast to 7.5 percent from 8 percent, citing diminishing government intention to boost economy.
"Our lower forecast for China recognizes that the central government had elected not to inject an economic stimulus of a size and speed necessary for an 8 percent growth rate," S&P credit analyst Andrew Palmer said in a statement.
The rating agency also cut GDP growth outlook for other Asia-Pacific countries including India, Japan and Singapore due to the economic slowdown in China, prolonged euro-zone crisis and a slower recovery of the US economy.
Non-ferrous metals producers were big losers this morning. Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, lost 1.3 percent to 32.52 yuan. Jiangxi Copper, China's biggest producer of the metal, decreased 1.8 percent to 21.81 yuan.
Zijin Mining Group Co, the nation's largest gold producer, dropped 3.2 percent to 3.90 yuan. Shandong Gold Mining Co shed 2.6 percent to 39.95 yuan. Zhongjin Gold Corp retreated 3.1 percent to 17.54 yuan.
Media and entertainment companies also fell. Northern United Publishing & Media Group Co lost 2.3 percent to 6.94 yuan. Jiangsu Phoenix Publishing & Media Corp slipped 1.7 percent to 8.36 yuan.
The key Shanghai Composite Index lost 0.33 percent to 2,026.46 points. Turnover reached 23 billion yuan (US$3.7 billion) at midday.
International credit rating agency Standard & Poor's yesterday pared China's GDP growth forecast to 7.5 percent from 8 percent, citing diminishing government intention to boost economy.
"Our lower forecast for China recognizes that the central government had elected not to inject an economic stimulus of a size and speed necessary for an 8 percent growth rate," S&P credit analyst Andrew Palmer said in a statement.
The rating agency also cut GDP growth outlook for other Asia-Pacific countries including India, Japan and Singapore due to the economic slowdown in China, prolonged euro-zone crisis and a slower recovery of the US economy.
Non-ferrous metals producers were big losers this morning. Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, lost 1.3 percent to 32.52 yuan. Jiangxi Copper, China's biggest producer of the metal, decreased 1.8 percent to 21.81 yuan.
Zijin Mining Group Co, the nation's largest gold producer, dropped 3.2 percent to 3.90 yuan. Shandong Gold Mining Co shed 2.6 percent to 39.95 yuan. Zhongjin Gold Corp retreated 3.1 percent to 17.54 yuan.
Media and entertainment companies also fell. Northern United Publishing & Media Group Co lost 2.3 percent to 6.94 yuan. Jiangsu Phoenix Publishing & Media Corp slipped 1.7 percent to 8.36 yuan.
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