Index falls on fears of GDP growth
By Hu Xiaocen |
March 7, 2012, Wednesday
|
Print Edition
Print Edition
Shanghai stocks yesterday tumbled the most in a month as investors were worried about China's slowing economic growth.
The Shanghai Composite Index slumped 1.41 percent to 2,410.45, the biggest daily loss in percentage term since February 7.
The index has dropped for two straight days after Premier Wen Jiabao on Monday trimmed China's economic growth target to 7.5 percent this year, its lowest level since 2005.
"Overseas investors were negative about the lower target as Hong Kong stocks lost more than the Shanghai gauge yesterday," said Zhang Gang, analyst at Southwest Securities. "The market sentiment is sluggish amid growing systematic risk."
But Cao Xuefeng, an analyst at Huaxi Securities, was optimistic. "The market is in correction and will rebound in the future. The index will climb to 2,700 points in the first quarter."
Building material firms fell on speculation slowing economic growth will curb demand for their products. Anhui Conch Cement, China's largest cement maker, slumped 4.39 percent to 17.19 yuan (US$2.72), and Fujian Cement lost 3.05 percent to 8.59 yuan.
The unexpected ban on cotton exports by India, the world's second-biggest cotton exporter, helped chemical fiber producers after the price of the commodity surged.
Nanjing Chemical Fibre Co soared 4.48 percent to 7.47 yuan while Yiwu Huading Nylon Co jumped 3.07 percent to end at 11.42 yuan.
The Shanghai Composite Index slumped 1.41 percent to 2,410.45, the biggest daily loss in percentage term since February 7.
The index has dropped for two straight days after Premier Wen Jiabao on Monday trimmed China's economic growth target to 7.5 percent this year, its lowest level since 2005.
"Overseas investors were negative about the lower target as Hong Kong stocks lost more than the Shanghai gauge yesterday," said Zhang Gang, analyst at Southwest Securities. "The market sentiment is sluggish amid growing systematic risk."
But Cao Xuefeng, an analyst at Huaxi Securities, was optimistic. "The market is in correction and will rebound in the future. The index will climb to 2,700 points in the first quarter."
Building material firms fell on speculation slowing economic growth will curb demand for their products. Anhui Conch Cement, China's largest cement maker, slumped 4.39 percent to 17.19 yuan (US$2.72), and Fujian Cement lost 3.05 percent to 8.59 yuan.
The unexpected ban on cotton exports by India, the world's second-biggest cotton exporter, helped chemical fiber producers after the price of the commodity surged.
Nanjing Chemical Fibre Co soared 4.48 percent to 7.47 yuan while Yiwu Huading Nylon Co jumped 3.07 percent to end at 11.42 yuan.
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