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Market loses 1.2% by noon despite more liquidity
By Ye Zhen |
July 5, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI equity market slumped this morning amid concern over the nation's economy, although the government took action to released liquidity today.
The key Shanghai Composite Index fell 1.2 percent to 2,200.76. Turnover was 27.9 billion yuan (US$4.4 billion) by noon.
"The economic data due to be released next week will show the country's business activity remains weak, although it has stabilized with the policy support," UBS Securities said in a report today.
The company forecasts the nation's GDP may have expanded at 7.6 percent in the second quarter this year, the lowest since the first quarter of 2009.
China's central bank today injected 40 billion yuan via 14-day reverse repurchase agreements and an additional 5 billion yuan via 7-day reverse repurchase agreements. The bank has released a total of 225 billion yuan through open market operations this week.
Cement producers led the market down as the cement price across the country fell 0.78 percent from a week early, according to Hongyuan Securities.
Anhui Conch Cement Co, the nation's biggest cement producer, lost 2.9 percent to 14.36 yuan. Zhejiang Jianfeng Group Co, a company operating in cement industry, tumbled 6.1 percent to 11.30 yuan. Gansu Qilianshan Cement Group Co dropped 5.7 percent to 9.70 yuan.
Coal miners lost as the price of steam-coal in the ports around the Bohai Sea region fell to 676 yuan per ton, the lowest level since the price index was introduced.
Wintime Energy Co slumped 5.2 percent to 8.73 yuan. Shanxi Lanhua Sci-Tech Venture Co shed 2.5 percent to 18.11 yuan. China Shenhua Energy Co fell 1.7 percent to 22 yuan.
The key Shanghai Composite Index fell 1.2 percent to 2,200.76. Turnover was 27.9 billion yuan (US$4.4 billion) by noon.
"The economic data due to be released next week will show the country's business activity remains weak, although it has stabilized with the policy support," UBS Securities said in a report today.
The company forecasts the nation's GDP may have expanded at 7.6 percent in the second quarter this year, the lowest since the first quarter of 2009.
China's central bank today injected 40 billion yuan via 14-day reverse repurchase agreements and an additional 5 billion yuan via 7-day reverse repurchase agreements. The bank has released a total of 225 billion yuan through open market operations this week.
Cement producers led the market down as the cement price across the country fell 0.78 percent from a week early, according to Hongyuan Securities.
Anhui Conch Cement Co, the nation's biggest cement producer, lost 2.9 percent to 14.36 yuan. Zhejiang Jianfeng Group Co, a company operating in cement industry, tumbled 6.1 percent to 11.30 yuan. Gansu Qilianshan Cement Group Co dropped 5.7 percent to 9.70 yuan.
Coal miners lost as the price of steam-coal in the ports around the Bohai Sea region fell to 676 yuan per ton, the lowest level since the price index was introduced.
Wintime Energy Co slumped 5.2 percent to 8.73 yuan. Shanxi Lanhua Sci-Tech Venture Co shed 2.5 percent to 18.11 yuan. China Shenhua Energy Co fell 1.7 percent to 22 yuan.
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