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Index slips on concerns over hard landing next year
By Lu Nengneng |
December 26, 2011, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock index fell today, heading towards an eighth consecutive week of retreat, as the investor sentiment continued to weaken on the looming hard landing of China°?s economy next year.
The Shanghai Composite Index shed 0.67 percent to 2,190.11 points. Turnover remained sluggish, standing at 36.4 billion yuan (US$5.7 billion).
Short-selling forces dominated the market, which has seen the benchmark down over 22 percent this year amid worries that shrinking exports, dropping investment and weak consumption may further slow the country's economic growth.
Resource stocks slumped as investors questioned the domestic market's ability to digest their excessive output amid falling global demand after China's export growth touched a nine-month low in November. Jiangxi Copper, the nation's biggest copper producer, slid 0.65 percent to 21.5 yuan. Yanzhou Coal Mining shed 2.09 percent to 21.13 yuan.
The railway sector paced the retreat across the board after Railway Minister Sheng Guangzu said last Friday that investment in new infrastructure projects would be cut next year amid concerns over debt and safety issues. CSR Corp, the country's biggest train maker, fell 7.34 percent to 4.42 yuan. Its main rival, China CNR, lost 4.25 percent to 4.28 yuan.
And the latest food safety scandals -- excessive levels of Flavacin Mi, which can cause liver cancer, was found in milk made by China's major dairy producer Mengniu -- clouded the consumer market. The Hong Kong-listed, Inner Mongolia-based company dropped 1.13 percent to HK$26.3. Its competitor Yili Industrial Group plunged 5.36 percent to 19.79 yuan. Shanghai-based Bright Dairy was down 0.33 percent to 9 yuan.
The Shanghai Composite Index shed 0.67 percent to 2,190.11 points. Turnover remained sluggish, standing at 36.4 billion yuan (US$5.7 billion).
Short-selling forces dominated the market, which has seen the benchmark down over 22 percent this year amid worries that shrinking exports, dropping investment and weak consumption may further slow the country's economic growth.
Resource stocks slumped as investors questioned the domestic market's ability to digest their excessive output amid falling global demand after China's export growth touched a nine-month low in November. Jiangxi Copper, the nation's biggest copper producer, slid 0.65 percent to 21.5 yuan. Yanzhou Coal Mining shed 2.09 percent to 21.13 yuan.
The railway sector paced the retreat across the board after Railway Minister Sheng Guangzu said last Friday that investment in new infrastructure projects would be cut next year amid concerns over debt and safety issues. CSR Corp, the country's biggest train maker, fell 7.34 percent to 4.42 yuan. Its main rival, China CNR, lost 4.25 percent to 4.28 yuan.
And the latest food safety scandals -- excessive levels of Flavacin Mi, which can cause liver cancer, was found in milk made by China's major dairy producer Mengniu -- clouded the consumer market. The Hong Kong-listed, Inner Mongolia-based company dropped 1.13 percent to HK$26.3. Its competitor Yili Industrial Group plunged 5.36 percent to 19.79 yuan. Shanghai-based Bright Dairy was down 0.33 percent to 9 yuan.
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