Index weakens on growth pessimism
By Ye Zhen |
April 18, 2013, Thursday
|
Print Edition
Print Edition
SHANGHAI stocks dipped yesterday amid pessimism over China's economic growth, according to analysts.
The Shanghai Composite Index shed 0.05 percent to 2,193.80 points.
"The market is likely to continue the weak run in the short term as its major support from economic recovery has waned," Wang Ping, analyst with Dongxing Securities, said in a weekly note.
An Avic Securities Co report said recent data on inflation and liquidity indicated China's weak domestic demand and the growth of money supply had limited contribution to the real economy.
"With the weaker-than-expected gross domestic product in the first quarter, the outlook for China's economic recovery is gloomy and growth of GDP may moderate further in the second quarter if there is no additional stimulus," the report said.
The International Monetary Fund on Tuesday cut its forecast for China's economic growth from 8.1 percent to 8 percent this year and from 8.5 percent to 8.2 percent in 2014.
Gold stocks continued to slide after the metal posted the biggest price drop since 1983. Zhongjin Gold Corp, China's largest gold producer, fell 1.4 percent to 12.34 yuan. Zijin Mining Group Co shed 0.3 percent to 3.15 yuan.
Cement producers also fell after the gross profit of 15 listed stocks fell 45 percent from a year ago to 11.6 billion yuan (US$1.9 billion) in 2012.
Fujian Cement Inc lost 1.7 percent to 7.89 yuan. Gansu Qilianshan Cement Group Co fell 0.9 percent to 11.59 yuan. Shaanxi Qinling Cement (Group) Co shed 0.3 percent to settle at 6.15 yuan.
The Shanghai Composite Index shed 0.05 percent to 2,193.80 points.
"The market is likely to continue the weak run in the short term as its major support from economic recovery has waned," Wang Ping, analyst with Dongxing Securities, said in a weekly note.
An Avic Securities Co report said recent data on inflation and liquidity indicated China's weak domestic demand and the growth of money supply had limited contribution to the real economy.
"With the weaker-than-expected gross domestic product in the first quarter, the outlook for China's economic recovery is gloomy and growth of GDP may moderate further in the second quarter if there is no additional stimulus," the report said.
The International Monetary Fund on Tuesday cut its forecast for China's economic growth from 8.1 percent to 8 percent this year and from 8.5 percent to 8.2 percent in 2014.
Gold stocks continued to slide after the metal posted the biggest price drop since 1983. Zhongjin Gold Corp, China's largest gold producer, fell 1.4 percent to 12.34 yuan. Zijin Mining Group Co shed 0.3 percent to 3.15 yuan.
Cement producers also fell after the gross profit of 15 listed stocks fell 45 percent from a year ago to 11.6 billion yuan (US$1.9 billion) in 2012.
Fujian Cement Inc lost 1.7 percent to 7.89 yuan. Gansu Qilianshan Cement Group Co fell 0.9 percent to 11.59 yuan. Shaanxi Qinling Cement (Group) Co shed 0.3 percent to settle at 6.15 yuan.
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