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Index falls to lowest in more than 24 months
By Feng Jianmin |
December 13, 2011, Tuesday
|
Print Edition
Print Edition
SHANGHAI'S key stock index declined for the third straight day and fell to the lowest in more than two years yesterday after data showed that China's growth in exports slowed in November, giving rise to worries of a weak economy next year.
The Shanghai Composite Index fell 1 percent to 2,291.55 points, the lowest close since March 20, 2009.
China's export growth eased for the fourth consecutive month to 13.8 percent in November, the General Administration of Customs said over the weekend. Imports grew 22.1 percent from a year earlier. The trade surplus narrowed by 35 percent, according to the data.
"Economic growth next year will continue to be slow," Ba Shusong, a senior economist at the State Council's Development Research Center, told a forum on Sunday. "The weak global economy will reduce the number of export orders, and place a drag on (China's) economic growth."
A research report written by Ping An Securities analysts Shao Qing and Cai Dagui said the worries over an economic slowdown have challenged the expectations for a yuan appreciation and hurt the attractiveness of yuan assets.
Liquidity is also tight ahead of five initial public offerings this week, including one by New China Life, China's third-largest life insurer, to raise 3.7 billion yuan on Friday.
The report forecast that investors will be cautious under liquidity pressure and an uncertain economic outlook.
Property developers slumped after the Chinese Academy of Social Sciences predicted home prices will drop sharply if housing transactions stayed below expectations in the first half of next year.
Poly Real Estate Group, China's second-largest listed developer, fell 3.5 percent to 9.77 yuan (US$1.54). Gemdale Corp lost 5.2 percent to close at 4.57 yuan.
The Shanghai Composite Index fell 1 percent to 2,291.55 points, the lowest close since March 20, 2009.
China's export growth eased for the fourth consecutive month to 13.8 percent in November, the General Administration of Customs said over the weekend. Imports grew 22.1 percent from a year earlier. The trade surplus narrowed by 35 percent, according to the data.
"Economic growth next year will continue to be slow," Ba Shusong, a senior economist at the State Council's Development Research Center, told a forum on Sunday. "The weak global economy will reduce the number of export orders, and place a drag on (China's) economic growth."
A research report written by Ping An Securities analysts Shao Qing and Cai Dagui said the worries over an economic slowdown have challenged the expectations for a yuan appreciation and hurt the attractiveness of yuan assets.
Liquidity is also tight ahead of five initial public offerings this week, including one by New China Life, China's third-largest life insurer, to raise 3.7 billion yuan on Friday.
The report forecast that investors will be cautious under liquidity pressure and an uncertain economic outlook.
Property developers slumped after the Chinese Academy of Social Sciences predicted home prices will drop sharply if housing transactions stayed below expectations in the first half of next year.
Poly Real Estate Group, China's second-largest listed developer, fell 3.5 percent to 9.77 yuan (US$1.54). Gemdale Corp lost 5.2 percent to close at 4.57 yuan.
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