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Shanghai stocks slump on poor trade data
By Ye Zhen |
August 10, 2012, Friday
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Online Edition
Online Edition
SHANGHAI stocks retreated this morning after China posted disappointing trade data for July, fueling concern that weak demand at home and abroad would further slow the nation's economy.
The key Shanghai Composite Index lost 0.12 percent, or 2.68 points to 2171.42 points. Turnover stood at 35.2 billion yuan (US$5.5billion) by midday.
China posted a trade surplus of US$25.1 billion in July, down from a surplus of US$31.7 billion a month earlier, the General Administration of Customs said today.
Exports increased 1 percent from a year earlier, far short of the 8 percent estimated by Reuters. Imports rose 4.7 percent, also short of the 7.2 percent estimate.
China would be under pressure to achieve the goal of a 10 percent increase in trade this year due to the prolonged European debt crisis, said Gao Hucheng, vice-minister of Ministry of Commerce.
Distilleries led the market down in morning trading. Kweichow Moutai Co slumped 4.9 percent to 248.18 yuan. Sichuan Swellfun Co tumbled 2.6 percent to 27.94 yuan.
Property developers fell on speculation the government may curtail the construction of subsidized housing. China Vanke, the nation's biggest developer, lost 1.8 percent to 8.84 yuan. Poly Real Estate, the second largest developer, fell 2.2 percent to 10.68 yuan. Gemdale Corporation retreated 2 percent to 5.56 yuan.
Most oil-related stocks gained after the government said it will raise the retail prices of refined oil tomorrow. Sinopec, China's largest oil refiner, added 0.5 percent to 6.18 yuan. Offshore Oil Engineering Co inched up 0.5 percent to 6.02 yuan.
The key Shanghai Composite Index lost 0.12 percent, or 2.68 points to 2171.42 points. Turnover stood at 35.2 billion yuan (US$5.5billion) by midday.
China posted a trade surplus of US$25.1 billion in July, down from a surplus of US$31.7 billion a month earlier, the General Administration of Customs said today.
Exports increased 1 percent from a year earlier, far short of the 8 percent estimated by Reuters. Imports rose 4.7 percent, also short of the 7.2 percent estimate.
China would be under pressure to achieve the goal of a 10 percent increase in trade this year due to the prolonged European debt crisis, said Gao Hucheng, vice-minister of Ministry of Commerce.
Distilleries led the market down in morning trading. Kweichow Moutai Co slumped 4.9 percent to 248.18 yuan. Sichuan Swellfun Co tumbled 2.6 percent to 27.94 yuan.
Property developers fell on speculation the government may curtail the construction of subsidized housing. China Vanke, the nation's biggest developer, lost 1.8 percent to 8.84 yuan. Poly Real Estate, the second largest developer, fell 2.2 percent to 10.68 yuan. Gemdale Corporation retreated 2 percent to 5.56 yuan.
Most oil-related stocks gained after the government said it will raise the retail prices of refined oil tomorrow. Sinopec, China's largest oil refiner, added 0.5 percent to 6.18 yuan. Offshore Oil Engineering Co inched up 0.5 percent to 6.02 yuan.
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