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Index drops 1.8% after exports rise at slowest
By Feng Jianmin |
November 11, 2011, Friday
|
Print Edition
Print Edition
SHANGHAI shares fell the most in three weeks yesterday after China's exports grew at its slowest pace in eight months in October amid a worsening global economic climate.
The Shanghai Composite Index sank 1.8 percent to close at 2,479.54 points.
Exports in October had risen 15.9 percent from a year earlier to US$157.4 billion, the weakest pace since February, the General Administration of Customs said yesterday.
"The weak data indicate low confidence in both domestic and overseas market, and we expect growth of exports will remain sluggish as economic outlook has not improved," said He Qingming, an analyst at Ping An Securities.
Metal producers led the decline after metal prices dropped on concerns over sluggish demand and a stronger US dollar. Zijin Mining Co lost 2.7 percent to 4.65 yuan. Jiangxi Copper Co, China's largest producer of the metal, fell 3.1 percent to 27.44 yuan.
Property developers were also weak amid concerns that the country's monetary stance will remain tight for a relatively long time and after the 21st Century Business Herald said developers' debt-asset ratio hit an 11-year high.
Poly Real Estate dropped 2.5 percent to 9.58 yuan. Gemdale Corp lost 2.5 percent to 4.68 yuan. Shanghai Waigaoqiao Free Trade Zone Development Co shed 3.2 percent to 11.70 yuan.
Combined debts at Chinese developers rose by 151.4 billion yuan to 1.24 trillion yuan at the end of June, bringing the average debt-asset ratio to 71.28 percent, 21st Century Business Herald said yesterday, citing Wind Info data. The debt-asset ratio topped 80 percent at 16 listed developers as of September 30, the report said.
The Industrial and Commercial Bank of China fell 2.8 percent to 4.24 yuan, the biggest loss since September 22.
The Shanghai Composite Index sank 1.8 percent to close at 2,479.54 points.
Exports in October had risen 15.9 percent from a year earlier to US$157.4 billion, the weakest pace since February, the General Administration of Customs said yesterday.
"The weak data indicate low confidence in both domestic and overseas market, and we expect growth of exports will remain sluggish as economic outlook has not improved," said He Qingming, an analyst at Ping An Securities.
Metal producers led the decline after metal prices dropped on concerns over sluggish demand and a stronger US dollar. Zijin Mining Co lost 2.7 percent to 4.65 yuan. Jiangxi Copper Co, China's largest producer of the metal, fell 3.1 percent to 27.44 yuan.
Property developers were also weak amid concerns that the country's monetary stance will remain tight for a relatively long time and after the 21st Century Business Herald said developers' debt-asset ratio hit an 11-year high.
Poly Real Estate dropped 2.5 percent to 9.58 yuan. Gemdale Corp lost 2.5 percent to 4.68 yuan. Shanghai Waigaoqiao Free Trade Zone Development Co shed 3.2 percent to 11.70 yuan.
Combined debts at Chinese developers rose by 151.4 billion yuan to 1.24 trillion yuan at the end of June, bringing the average debt-asset ratio to 71.28 percent, 21st Century Business Herald said yesterday, citing Wind Info data. The debt-asset ratio topped 80 percent at 16 listed developers as of September 30, the report said.
The Industrial and Commercial Bank of China fell 2.8 percent to 4.24 yuan, the biggest loss since September 22.
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