Investor concerns cloud key barometer
By Feng Jianmin |
August 18, 2011, Thursday
|
Print Edition
Print Edition
SHANGHAI'S key stock index yesterday edged down for the second day on investor concerns over a slowing global economic outlook and weaker earnings results by companies.
The Shanghai Composite Index dipped 0.3 percent to 2,601.26 points.
"The market has recently rebounded mildly on reports of investment by the social insurance fund and expectations that there will be more financial support for smaller companies and rural areas," said Xu Dawei, an investment consultant with Western Securities.
"But the (slowing) global economic outlook and the Chinese central bank's tight monetary stance do not offer support for the market to grow significantly."
Steelmakers extended previous losses on concerns that the global economic growth is set to slow. The European Union's statistics office in Luxembourg said in a statement on Tuesday that the gross domestic product in the eurozone added just 0.2 percent in the second quarter from the 0.8 percent growth in the previous three months.
The Ministry of Finance said yesterday that profits of state-owned homebuilders and steel firms fell the most last month from June's, compared with other industries.
Inner Mongolia Baotou Steel Union Corp shed 1.2 percent to 6.76 yuan (US$1.06). Wuhan Iron and Steel Co lost 0.6 percent to 3.61 yuan.
Jiangxi Copper Co slid 1.1 percent to 32.97 yuan. Zhuzhou Smelter Group Co shed 1.4 percent to 15.23 yuan.
The Shanghai Composite Index dipped 0.3 percent to 2,601.26 points.
"The market has recently rebounded mildly on reports of investment by the social insurance fund and expectations that there will be more financial support for smaller companies and rural areas," said Xu Dawei, an investment consultant with Western Securities.
"But the (slowing) global economic outlook and the Chinese central bank's tight monetary stance do not offer support for the market to grow significantly."
Steelmakers extended previous losses on concerns that the global economic growth is set to slow. The European Union's statistics office in Luxembourg said in a statement on Tuesday that the gross domestic product in the eurozone added just 0.2 percent in the second quarter from the 0.8 percent growth in the previous three months.
The Ministry of Finance said yesterday that profits of state-owned homebuilders and steel firms fell the most last month from June's, compared with other industries.
Inner Mongolia Baotou Steel Union Corp shed 1.2 percent to 6.76 yuan (US$1.06). Wuhan Iron and Steel Co lost 0.6 percent to 3.61 yuan.
Jiangxi Copper Co slid 1.1 percent to 32.97 yuan. Zhuzhou Smelter Group Co shed 1.4 percent to 15.23 yuan.
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