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.
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