Jittery investors pull index down by the most in a week
By Ye Zhen |
July 6, 2012, Friday
|
Print Edition
Print Edition
SHANGHAI'S key stock index fell the most in a week yesterday as investors were still jittery over China's economic outlook.
The Shanghai Composite Index shed 1.17 percent to 2,201.35, the biggest drop since June 25.
UBS Securities expects China's gross domestic product to grow 7.6 percent in the second quarter of this year, the lowest since the first quarter of 2009.
"The economic data to be released next week will show the country's business activity remains weak'' even with policy support, the brokerage said in a report yesterday.
Cement producers were bearish as prices in the country fell 0.78 percent from a week earlyer, said a weekly report released by Bohai Securities yesterday.
Anhui Conch Cement Co, China's biggest cement producer, slumped 3.7 percent to 14.24 yuan (US$2.24). Zhejiang Jianfeng Group Co tumbled 8.6 percent to 11.01 yuan.
Sany Heavy Industry Co dropped 1 percent to 12.72 yuan, extending the country's biggest machinery maker's losses to a fourth day. Company management told Credit Suisse Group it had cut headcount, though not by the 30 percent as reported in local media, analyst Yang Y. Song wrote in a note.
Chen Liqiu, a strategist at Jianghai Securities Co in Shanghai, said: "Sany's layoffs are a signal that demand is weakening and the economy is softening."
Zoomlion Heavy Industry Science and Technology Co, the second-largest machinery maker, lost 2.6 percent to 9.24 yuan.
The Shanghai Composite Index shed 1.17 percent to 2,201.35, the biggest drop since June 25.
UBS Securities expects China's gross domestic product to grow 7.6 percent in the second quarter of this year, the lowest since the first quarter of 2009.
"The economic data to be released next week will show the country's business activity remains weak'' even with policy support, the brokerage said in a report yesterday.
Cement producers were bearish as prices in the country fell 0.78 percent from a week earlyer, said a weekly report released by Bohai Securities yesterday.
Anhui Conch Cement Co, China's biggest cement producer, slumped 3.7 percent to 14.24 yuan (US$2.24). Zhejiang Jianfeng Group Co tumbled 8.6 percent to 11.01 yuan.
Sany Heavy Industry Co dropped 1 percent to 12.72 yuan, extending the country's biggest machinery maker's losses to a fourth day. Company management told Credit Suisse Group it had cut headcount, though not by the 30 percent as reported in local media, analyst Yang Y. Song wrote in a note.
Chen Liqiu, a strategist at Jianghai Securities Co in Shanghai, said: "Sany's layoffs are a signal that demand is weakening and the economy is softening."
Zoomlion Heavy Industry Science and Technology Co, the second-largest machinery maker, lost 2.6 percent to 9.24 yuan.
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