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Market closes down on gloomy economic outlook
By Lu Nengneng |
December 8, 2011, Thursday
|
Online Edition
Online Edition
SHANGHAI'S key stock index ended slightly lower in the afternoon, erasing early gains as the market turned volatile on China's unclear economic outlook.
The Shanghai Composite Index edged down 0.12 percent to 2,329.82 points after the morning fluctuation sent the gauge to the lowest this year. Turnover stood at 49.2 billion yuan (US$7.74 billion).
The reality of a looming economic slowdown sunk in after the Chinese Academy of Social Sciences predicted yesterday that China's gross domestic product would increase 9.2 percent annually by year end, 1.2 percentage points down from last year's growth.
Meanwhile, short-selling forces dominated yuan-US dollar trades that hit the low end of its permitted price range for the seventh day today, indicating foreign capital's weakened confidence in China's economic prospects.
Financials were mixed on whether there will be more monetary policy loosening after the central government conference on economic planning for 2012, due next week.
Industrial and Commercial Bank of China, the country's largest bank, dropped 0.24 percent to 4.16 yuan. Bank of China gained 0.34 percent to 2.29 yuan.
Resource stocks swung between gains and losses as investors worried about the domestic market's ability to digest excessive output ahead of falling global demand.
Jiangxi Copper Co, China's biggest producer of the metal, was down 1.83 percent to 24.69 yuan. West Mining fell 2.14 percent to 10.47 yuan. Aluminum Corporation of China edged up 0.13 percent to 7.68 yuan.
The Shanghai Composite Index edged down 0.12 percent to 2,329.82 points after the morning fluctuation sent the gauge to the lowest this year. Turnover stood at 49.2 billion yuan (US$7.74 billion).
The reality of a looming economic slowdown sunk in after the Chinese Academy of Social Sciences predicted yesterday that China's gross domestic product would increase 9.2 percent annually by year end, 1.2 percentage points down from last year's growth.
Meanwhile, short-selling forces dominated yuan-US dollar trades that hit the low end of its permitted price range for the seventh day today, indicating foreign capital's weakened confidence in China's economic prospects.
Financials were mixed on whether there will be more monetary policy loosening after the central government conference on economic planning for 2012, due next week.
Industrial and Commercial Bank of China, the country's largest bank, dropped 0.24 percent to 4.16 yuan. Bank of China gained 0.34 percent to 2.29 yuan.
Resource stocks swung between gains and losses as investors worried about the domestic market's ability to digest excessive output ahead of falling global demand.
Jiangxi Copper Co, China's biggest producer of the metal, was down 1.83 percent to 24.69 yuan. West Mining fell 2.14 percent to 10.47 yuan. Aluminum Corporation of China edged up 0.13 percent to 7.68 yuan.
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