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Dismal sentiment hits index
By Ye Zhen |
September 12, 2012, Wednesday
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Print Edition
Print Edition
SHANGHAI stocks ended lower yesterday on renewed concerns about China's economic slowdown and profit taking after three days of gains.
The Shanghai Composite Index fell for the first time in four days, paring 0.67 percent to 2,120.55 points.
Concerns deepened that the national economy will decelerate in the second half of this year after the China Association of Auto Manufacturers said automobile sales crept up 3.7 percent from a month ago in August, down sharply from July's 11 percent growth and June's 15.8 percent increase.
This came on top of an unexpected drop in imports and a three-year low growth rate in factory output last month.
"Weaker-than-expected data signaled the nation's economy is still in a downside mode with no signs of improvement in the short term," CITIC Securities said in a report.
The market also fell due to profit taking. "Stocks which previously traded higher have started to fall on profit taking following the recent run-up since last week," China Merchants Securities said yesterday.
Anhui Conch Cement Co, China's biggest cement firm, lost 3.1 percent to 14.98 yuan (US$2.40), and Gansu Qilianshan Cement Group Co shed 2.7 percent to 11.31 yuan.
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