Growth woes pull index to 2-week low
By Feng Jianmin and Pan Xiaoyi |
August 13, 2010, Friday
|
Print Edition
Print Edition
SHANGHAI'S key stock index yesterday fell to a two-week low, taking cues from the weak performance of overseas markets overnight, on concerns of slower economic growth.
The benchmark Shanghai Composite Index fell 1.23 percent, or 32.02 points, to close at 2,575.47. Turnover stood at 96 billion yuan (US$14.12 billion) from yesterday's 88.8 billion yuan.
"Investor sentiment remains unstable and susceptible to negative impacts from the external environment. Sluggish performance in surrounding markets and negative news will continue to weigh on the market," Sinolink Securities Co wrote in a research note.
Metal producers led the losers as statistics indicated their output in July fell on shrinking demand. Jiangxi Copper Co, the nation's biggest producer of the metal, retreated 2.5 percent to 27.74 yuan. Aluminum Corp of China Ltd, the nation's biggest maker of the lightweight metal and also called Chalco, fell 2.6 percent to 10.14 yuan.
Kweichow Moutai Co, China's premier spirits maker, added 1.1 percent to 148.92 yuan after reporting a 11.1 percent jump in first-half profits to 3.1 billion yuan.
The benchmark Shanghai Composite Index fell 1.23 percent, or 32.02 points, to close at 2,575.47. Turnover stood at 96 billion yuan (US$14.12 billion) from yesterday's 88.8 billion yuan.
"Investor sentiment remains unstable and susceptible to negative impacts from the external environment. Sluggish performance in surrounding markets and negative news will continue to weigh on the market," Sinolink Securities Co wrote in a research note.
Metal producers led the losers as statistics indicated their output in July fell on shrinking demand. Jiangxi Copper Co, the nation's biggest producer of the metal, retreated 2.5 percent to 27.74 yuan. Aluminum Corp of China Ltd, the nation's biggest maker of the lightweight metal and also called Chalco, fell 2.6 percent to 10.14 yuan.
Kweichow Moutai Co, China's premier spirits maker, added 1.1 percent to 148.92 yuan after reporting a 11.1 percent jump in first-half profits to 3.1 billion yuan.
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