Index declines as stimulus rumor denied
By Lu Nengneng |
May 31, 2012, Thursday
|
Print Edition
Print Edition
SHANGHAI'S stock market snapped its two-day winning streak yesterday after Xinhua news agency rebutted speculation of a new round of stimulus measures to boost China's tepid economic growth.
The Shanghai Composite Index shed 0.21 percent from its two-week high to 2,384.67 points.
On Tuesday, Xinhua cooled rumors that China will unveil measures similar to the 4 trillion yuan (US$630 billion) package in 2008 amid the global financial crisis which saw the economy slow for five straight quarters.
Chen Bingcai, deputy head of the Department of Policy-Making Consultation at the Chinese Academy of Governance, said in a note that the government intends to stabilize the economic expansion this year after setting the annual growth target at 7.5 percent, the lowest in eight years.
Material and machinery suppliers were among the biggest losers yesterday as the infrastructure building boom fueled by the stimulus in 2008 may not be repeated this year.
Jiangxi Copper, China's biggest producer of the metal, lost 1.3 percent to 26.04 yuan. Baoshan Iron and Steel Co sank 1 percent to finish at 4.85 yuan. Sany Heavy Industry shed 0.9 percent to close at 15.07 yuan.
The Shanghai Composite Index shed 0.21 percent from its two-week high to 2,384.67 points.
On Tuesday, Xinhua cooled rumors that China will unveil measures similar to the 4 trillion yuan (US$630 billion) package in 2008 amid the global financial crisis which saw the economy slow for five straight quarters.
Chen Bingcai, deputy head of the Department of Policy-Making Consultation at the Chinese Academy of Governance, said in a note that the government intends to stabilize the economic expansion this year after setting the annual growth target at 7.5 percent, the lowest in eight years.
Material and machinery suppliers were among the biggest losers yesterday as the infrastructure building boom fueled by the stimulus in 2008 may not be repeated this year.
Jiangxi Copper, China's biggest producer of the metal, lost 1.3 percent to 26.04 yuan. Baoshan Iron and Steel Co sank 1 percent to finish at 4.85 yuan. Sany Heavy Industry shed 0.9 percent to close at 15.07 yuan.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
