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Index ends lower for 2nd week in a row
By Lydia Chen |
September 10, 2011, Saturday
|
Print Edition
Print Edition
SHANGHAI stock market yesterday fell, dragging the benchmark index to a second weekly decline, with investors still uncertain whether China will ease its monetary tightening following a slowing, but still high, inflation.
Meanwhile, concerns over local government debts also weighed on the market after a report by Xinhua news agency said about 85 percent of local government financing vehicles of Liaoning Province have income insufficient to cover all their debt servicing payments.
The Shanghai Composite Index shed 0.1 percent to 2,497.75 points. It was down 1.2 percent for the week.
Cement makers were among the biggest losers after data showed China's industrial output rose 13.5 percent in August from a year earlier, compared with a 14 percent gain the previous month.
Anhui Conch Cement Co, China's biggest cement producer, lost 3.1 percent to 18.04 yuan, the lowest level since January 21. The stock declined 18 percent this week.
China Minsheng Banking Corp fell 1 percent to 5.87 yuan after Xinhua said about 85 percent of Liaoning's local government financing vehicles, or 156 financing platforms, didn't have income to cover all their debt servicing payments last year, citing a government audit report.
The report said county and city-level governments in the northeastern province have a total debt of 210.89 billion yuan, 54 percent of which, or nearly 114 billion yuan, was promised by the governments by using land sales for funds.
Meanwhile, concerns over local government debts also weighed on the market after a report by Xinhua news agency said about 85 percent of local government financing vehicles of Liaoning Province have income insufficient to cover all their debt servicing payments.
The Shanghai Composite Index shed 0.1 percent to 2,497.75 points. It was down 1.2 percent for the week.
Cement makers were among the biggest losers after data showed China's industrial output rose 13.5 percent in August from a year earlier, compared with a 14 percent gain the previous month.
Anhui Conch Cement Co, China's biggest cement producer, lost 3.1 percent to 18.04 yuan, the lowest level since January 21. The stock declined 18 percent this week.
China Minsheng Banking Corp fell 1 percent to 5.87 yuan after Xinhua said about 85 percent of Liaoning's local government financing vehicles, or 156 financing platforms, didn't have income to cover all their debt servicing payments last year, citing a government audit report.
The report said county and city-level governments in the northeastern province have a total debt of 210.89 billion yuan, 54 percent of which, or nearly 114 billion yuan, was promised by the governments by using land sales for funds.
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