Double dip fears pull index down
By Pan Xiaoyi |
June 2, 2010, Wednesday
|
Print Edition
Print Edition
SHANGHAI stocks dropped nearly 1 percent yesterday on concerns that the global economy may suffer a double dip recession.
The Shanghai Composite Index fell 0.92 percent, or 23.86 points, to close at 2,568.28, the lowest since May 20. Turnover shrank to 79.8 billion yuan (US$11.7 billion) from 89.2 billion yuan on Monday.
Premier Wen Jiabao on Monday warned of a potential second global economic downturn if the European debt crisis were to spread.
Domestically, China has shown an early sign of moderation in its economic growth as the government cracked down on property speculation.
The Purchasing Managers Index, a gauge of manufacturing activity, rose 53.9 in May, slower than 55.7 in April, according to the Federation of Logistics and Purchasing. A reading above 50 indicates an expansion.
Investors expressed concern over the country's economic prospects, said Huang Bin, an analyst at Gold State Securities Co. "The economic growth may slow down while inflation may post a high in the third quarter," he added.
Property shares fell yesterday as China has pledged to gradually accelerate a property tax reform this year. Wolong Real Estate Group shrank 4.5 percent to 6.83 yuan and Poly Real Estate lost 3 percent to 10.72 yuan.
The Shanghai Composite Index fell 0.92 percent, or 23.86 points, to close at 2,568.28, the lowest since May 20. Turnover shrank to 79.8 billion yuan (US$11.7 billion) from 89.2 billion yuan on Monday.
Premier Wen Jiabao on Monday warned of a potential second global economic downturn if the European debt crisis were to spread.
Domestically, China has shown an early sign of moderation in its economic growth as the government cracked down on property speculation.
The Purchasing Managers Index, a gauge of manufacturing activity, rose 53.9 in May, slower than 55.7 in April, according to the Federation of Logistics and Purchasing. A reading above 50 indicates an expansion.
Investors expressed concern over the country's economic prospects, said Huang Bin, an analyst at Gold State Securities Co. "The economic growth may slow down while inflation may post a high in the third quarter," he added.
Property shares fell yesterday as China has pledged to gradually accelerate a property tax reform this year. Wolong Real Estate Group shrank 4.5 percent to 6.83 yuan and Poly Real Estate lost 3 percent to 10.72 yuan.
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