Economic slowdown still weighs on shares
Print Edition
SHANGHAI stocks fell yesterday as investors worrying about China’s economic slowdown took little heart from a call for local governments to accelerate their spending.
The Shanghai Composite Index lost 0.47 percent, or 9.63 points, to 2,040.60.
The Ministry of Finance on Wednesday said it had directed local governments to speed up the disbursement of budgeted funds and hasten spending on infrastructure projects.
“The economy still faces downward pressure, and there are difficulties that cannot be underestimated,” the ministry said in a statement.
Zhang Zhiwei, a Nomura economist, said the statement was a vital sign of policy easing.
“It reinforces our view that policy easing has started to pick up and there will likely be more easing measures in the second half of the year if property investment growth slows further,” Zhang said.
Dongguan Securities said in a report that uncertainty still clouds the economic outlook as industrial profit growth slows.
Gold firms fell as the spot price slid to a three-month low in its fourth straight trading day of losses.
Shandong Gold Mining lost 1.4 percent to 15.45 yuan (US$2.48). Henan Yuguang Gold & Lead shed 2.2 percent to 8.70 yuan.
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