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Gloomy outlook weighs down Shanghai stocks
By Ye Zhen |
June 28, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks edged down this morning as China's gloomy economic outlook overshadows the government move to inject more liquidity.
The benchmark index fell 0.07 percent, or 1.56 points, to 2,215.38 points. Turnover was 25.9 billion yuan (US$4.1 billion) by midday.
"The economic growth momentum may further decline as external demand remains weak. Companies are still in the process of deleveraging and destocking. The property bubble continues to deflate," China International Capital Corp said in a report.
The People's Bank of China, China's central bank, released 30 billion yuan today through a 14-day reverse repurchase agreement with an interest rate of 4.15 percent.
Most cement producers gained in the morning trading. Anhui Conch Cement Co, China's biggest cement producer, edged up 0.3 percent to 14.84 yuan. Zhejiang Jianfeng Group Co rose 2.3 percent to 12.02 yuan. Gansu Qilianshan Cement Group Co added 0.7 percent to 10.78 yuan.
Non-ferrous metals companies traded lower. Inner Mongolia Baotou Steel Rare-Earth Hi-tech Co lost 2 percent to 39.36 yuan. Xiamen Tungsten Co dropped 2.1 percent to 42.50 yuan. Rising Nonferrous Metals Share Co fell 1.3 percent to 63.99 yuan.
Most auto makers retreated as data showed China imported 117,000 automobiles in May, up 51.4 percent from a year earlier. Beiqi Foton Motor Co fell 1.8 percent to 7.27 yuan. Zhengzhou Yutong Bus Co lost 1.5 percent to 22.46 yuan, but SAIC Motor Corporation Limited added 0.5 percent to 14.27 yuan.
The benchmark index fell 0.07 percent, or 1.56 points, to 2,215.38 points. Turnover was 25.9 billion yuan (US$4.1 billion) by midday.
"The economic growth momentum may further decline as external demand remains weak. Companies are still in the process of deleveraging and destocking. The property bubble continues to deflate," China International Capital Corp said in a report.
The People's Bank of China, China's central bank, released 30 billion yuan today through a 14-day reverse repurchase agreement with an interest rate of 4.15 percent.
Most cement producers gained in the morning trading. Anhui Conch Cement Co, China's biggest cement producer, edged up 0.3 percent to 14.84 yuan. Zhejiang Jianfeng Group Co rose 2.3 percent to 12.02 yuan. Gansu Qilianshan Cement Group Co added 0.7 percent to 10.78 yuan.
Non-ferrous metals companies traded lower. Inner Mongolia Baotou Steel Rare-Earth Hi-tech Co lost 2 percent to 39.36 yuan. Xiamen Tungsten Co dropped 2.1 percent to 42.50 yuan. Rising Nonferrous Metals Share Co fell 1.3 percent to 63.99 yuan.
Most auto makers retreated as data showed China imported 117,000 automobiles in May, up 51.4 percent from a year earlier. Beiqi Foton Motor Co fell 1.8 percent to 7.27 yuan. Zhengzhou Yutong Bus Co lost 1.5 percent to 22.46 yuan, but SAIC Motor Corporation Limited added 0.5 percent to 14.27 yuan.
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