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Downturn fears depress Shanghai shares
By Joyce Pan |
June 1, 2010, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks dropped nearly 1 percent today on concerns over a double dip in the global economy.
The benchmark Shanghai Composite Index fell 0.92 percent, or 23.86 points, to close at 2,568.28 points. Turnover shrank to 79.8 billion yuan (US$11.7 billion) from 89.2 billion yuan. Losers outnumbered gainers by 716 to 164 and 11 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller mainland market, was down 1.64 percent to close at 1,016.54 points.
Premier Wen Jiabao warned yesterday of a potential second global economic downturn on the spreading risks of the European debt crisis.
Domestically, China has shown an early sign of moderating in the country's economic growth following the government's strengthened efforts to crack down on the property industry and the expansion in Europe's sovereign-debt crisis.
The Purchasing Managers Index, a gauge of manufacturing activity, registered 53.9 in May, slower than 55.7 in April, according to a report by the Federation of Logistics and Purchasing. A reading above 50 indicates an expansion.
The property sector was among the weakest performers as China has pledged to gradually accelerate property-tax reform this year. Wolong Real Estate Group shrank 4.5 percent to 6.83 yuan. Poly Real Estate lost 3 percent to 10.72 yuan. Gemdale Co sank 2.5 percent to 6.28 yuan.
Elsewhere, China Merchants Bank eased 0.8 percent to 13.13 yuan after saying it will issue bonds to meet its capital adequacy target and has no plans to raise funds from the stock market.
Citic Securities Co, the country's largest listed brokerage, retreated 1.6 percent to 19.49 yuan. Its asset management unit has won board approval to trade stock index futures.
TCL Corp added 1.5 percent to 4.12 yuan after it obtained approval from the China Securities Regulatory Commission to raise no more than 5 billion yuan via a private placement.
The benchmark Shanghai Composite Index fell 0.92 percent, or 23.86 points, to close at 2,568.28 points. Turnover shrank to 79.8 billion yuan (US$11.7 billion) from 89.2 billion yuan. Losers outnumbered gainers by 716 to 164 and 11 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller mainland market, was down 1.64 percent to close at 1,016.54 points.
Premier Wen Jiabao warned yesterday of a potential second global economic downturn on the spreading risks of the European debt crisis.
Domestically, China has shown an early sign of moderating in the country's economic growth following the government's strengthened efforts to crack down on the property industry and the expansion in Europe's sovereign-debt crisis.
The Purchasing Managers Index, a gauge of manufacturing activity, registered 53.9 in May, slower than 55.7 in April, according to a report by the Federation of Logistics and Purchasing. A reading above 50 indicates an expansion.
The property sector was among the weakest performers as China has pledged to gradually accelerate property-tax reform this year. Wolong Real Estate Group shrank 4.5 percent to 6.83 yuan. Poly Real Estate lost 3 percent to 10.72 yuan. Gemdale Co sank 2.5 percent to 6.28 yuan.
Elsewhere, China Merchants Bank eased 0.8 percent to 13.13 yuan after saying it will issue bonds to meet its capital adequacy target and has no plans to raise funds from the stock market.
Citic Securities Co, the country's largest listed brokerage, retreated 1.6 percent to 19.49 yuan. Its asset management unit has won board approval to trade stock index futures.
TCL Corp added 1.5 percent to 4.12 yuan after it obtained approval from the China Securities Regulatory Commission to raise no more than 5 billion yuan via a private placement.
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