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Key index ignores pending measures
By Ye Zhen |
September 14, 2012, Friday
|
Print Edition
Print Edition
SHANGHAI stocks fell the most in two weeks yesterday as investors took profit, while analysts continued to remain gloomy despite Premier Wen Jiabao's remarks that measures would be taken to revitalize China's exports.
The Shanghai Composite Index lost 0.76 percent to end at 2110.38 points, the biggest drop since August 29.
On Wednesday, the State Council, China's Cabinet, said after a meeting chaired by Wen that China will speed up export tax rebates, provide more loans to small and medium-sized traders, expand the scope of export credit insurance and slash custom clearance costs.
China posted weaker-than-expected trade data for August on weakening global demand.
The pending measures did nothing to cheer up analysts. "Weak external demand is not likely to improve in the coming months as China's largest trade partner, Europe, is in recession," said Zhang Yongjun, economist at China Center for International Economic Exchanges. "It will be difficult for China to meet its yearly target of 10 percent growth in trade."
Gansu Qilianshan Cement Group led a decline among cement producers, dropping 7.3 percent to 10.95 yuan (US$1.73) after the stock surged 23.7 percent in one week. Anhui Conch Cement Co, China's biggest cement producer, eased 1.9 percent to 14.98 yuan.
The Shanghai Composite Index lost 0.76 percent to end at 2110.38 points, the biggest drop since August 29.
On Wednesday, the State Council, China's Cabinet, said after a meeting chaired by Wen that China will speed up export tax rebates, provide more loans to small and medium-sized traders, expand the scope of export credit insurance and slash custom clearance costs.
China posted weaker-than-expected trade data for August on weakening global demand.
The pending measures did nothing to cheer up analysts. "Weak external demand is not likely to improve in the coming months as China's largest trade partner, Europe, is in recession," said Zhang Yongjun, economist at China Center for International Economic Exchanges. "It will be difficult for China to meet its yearly target of 10 percent growth in trade."
Gansu Qilianshan Cement Group led a decline among cement producers, dropping 7.3 percent to 10.95 yuan (US$1.73) after the stock surged 23.7 percent in one week. Anhui Conch Cement Co, China's biggest cement producer, eased 1.9 percent to 14.98 yuan.
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