Index sheds to 6-month low
By Ye Zhen |
July 11, 2012, Wednesday
|
Print Edition
Print Edition
SHANGHAI'S stock market yesterday fell to a fresh six-month low as sluggish import data signaled weak domestic demand.
The Shanghai Composite Index fell 0.29 percent to 2,164.44.
China's trade surplus was US$31.7 billion in June, up 42.9 percent annually, with exports rising 11.3 percent, outpacing growth of 6.3 percent in imports. The data fueled concern the slowing economy is sapping domestic demand. Imports shed 8.9 percent from May.
"Import growth in June slowed significantly from the previous month. It is partly due to the decline in commodity prices, but weak domestic demand is the root cause," Qu Hongbin, chief economist for China at HSBC Holdings Plc, wrote on his Weibo yesterday.
Shanghai International Port (Group) Co, operator of the world's busiest port, lost 0.4 percent to 2.69 yuan (42 US cents). Jiangsu Lianyungang Port Co shed 0.9 percent to 3.43 yuan. China Shipping Haisheng Co slumped 6.6 percent to 0.28 yuan.
Investors were also worried over the outlook for the property market after Premier Wen Jiabao indicated additional steps may be unveiled to rein in speculation.
"A rebound in home prices will be interrupted in the second half of this year as the government may introduce extra measures after Premier Wen Jiabao vowed to curb speculation," said Yang Hongxu, a senior researcher at E-House China Research and Development Institute in Shanghai.
Poly Real Estate Co fell 3.6 percent to 12.53 yuan as its net profit in the first half of this year may fall an annual 12.13 percent. Gemdale Corp sank 1.6 percent to 6.84 yuan.
The Shanghai Composite Index fell 0.29 percent to 2,164.44.
China's trade surplus was US$31.7 billion in June, up 42.9 percent annually, with exports rising 11.3 percent, outpacing growth of 6.3 percent in imports. The data fueled concern the slowing economy is sapping domestic demand. Imports shed 8.9 percent from May.
"Import growth in June slowed significantly from the previous month. It is partly due to the decline in commodity prices, but weak domestic demand is the root cause," Qu Hongbin, chief economist for China at HSBC Holdings Plc, wrote on his Weibo yesterday.
Shanghai International Port (Group) Co, operator of the world's busiest port, lost 0.4 percent to 2.69 yuan (42 US cents). Jiangsu Lianyungang Port Co shed 0.9 percent to 3.43 yuan. China Shipping Haisheng Co slumped 6.6 percent to 0.28 yuan.
Investors were also worried over the outlook for the property market after Premier Wen Jiabao indicated additional steps may be unveiled to rein in speculation.
"A rebound in home prices will be interrupted in the second half of this year as the government may introduce extra measures after Premier Wen Jiabao vowed to curb speculation," said Yang Hongxu, a senior researcher at E-House China Research and Development Institute in Shanghai.
Poly Real Estate Co fell 3.6 percent to 12.53 yuan as its net profit in the first half of this year may fall an annual 12.13 percent. Gemdale Corp sank 1.6 percent to 6.84 yuan.
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