Index falls by most in nearly 1 month
By Feng Jianmin |
October 19, 2011, Wednesday
|
Print Edition
Print Edition
SHANGHAI'S key stock index yesterday dropped by the most in nearly a month after data showed that China's economic growth has been slowing for three consecutive quarters.
The Shanghai Composite Index fell 2.3 percent, the largest decline since September 22, to close at 2,383.49 points.
The National Bureau of Statistics said in a statement yesterday that China's gross domestic product grew 9.1 percent in the third quarter from a year earlier, the slowest since 2009. The expansion was slower than 9.7 percent in the first quarter and 9.6 percent in the second.
Meanwhile, hopes for a quick solution to Europe's two-year debt problem faded after German Finance Minister Wolfgang Schaeuble said his country would not provide a definitive solution to the crisis by the weekend - the deadline set at a meeting of Group of 20 financial chiefs.
"The decline in China's stock market is influenced by weak markets overseas," said Cao Xuefeng, an analyst at Huaxi Securities. "Investors were also cautious as China's GDP growth slowed from the second quarter."
Cao added the government will not loosen its monetary policy in the short term as the country's economic growth is stable, albeit slower.
Cement producers and steel firms led the decline on concerns that slower economic growth could dampen demand.
Anhui Conch Cement Co, China's largest producer of cement, fell 5.4 percent to 18.34 yuan (US$2.87). Baoshan Iron and Steel Co dropped 2.9 percent to 5.10 yuan.
The Shanghai Composite Index fell 2.3 percent, the largest decline since September 22, to close at 2,383.49 points.
The National Bureau of Statistics said in a statement yesterday that China's gross domestic product grew 9.1 percent in the third quarter from a year earlier, the slowest since 2009. The expansion was slower than 9.7 percent in the first quarter and 9.6 percent in the second.
Meanwhile, hopes for a quick solution to Europe's two-year debt problem faded after German Finance Minister Wolfgang Schaeuble said his country would not provide a definitive solution to the crisis by the weekend - the deadline set at a meeting of Group of 20 financial chiefs.
"The decline in China's stock market is influenced by weak markets overseas," said Cao Xuefeng, an analyst at Huaxi Securities. "Investors were also cautious as China's GDP growth slowed from the second quarter."
Cao added the government will not loosen its monetary policy in the short term as the country's economic growth is stable, albeit slower.
Cement producers and steel firms led the decline on concerns that slower economic growth could dampen demand.
Anhui Conch Cement Co, China's largest producer of cement, fell 5.4 percent to 18.34 yuan (US$2.87). Baoshan Iron and Steel Co dropped 2.9 percent to 5.10 yuan.
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