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Market slumps amid doubts over 2nd-half rebound
By Ye Zhen |
August 10, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI stocks ended lower today, snapping a five-day winning streak as disappointing trade and loan data dampened hopes that China's economy will rebound in the second half.
The key Shanghai Composite Index shed 0.24 percent, or 5.29 points to 2,168.81 points. Turnover was 60.9 billion yuan (US$9.5 billion) by the trading close. The index rose 1.69 percent for the week.
China posted a trade surplus of US$25.1 billion in July, down from a surplus of US$31.7 billion a month earlier, the General Administration of Customs said today. Both exports and imports expanded at a lower-than-expected pace.
New yuan-denominated loans issued by Chinese banks totaled 540.1 billion yuan in July, the lowest in 10 months, according to the People's Bank of China, the central bank.
The credit data for July was poor even through monetary policies were relaxed, said Liu Dongliang at China Merchants Bank, adding that it dealt a blow to those who believed the economy would bottom out soon.
Qu Hongbin, chief economist for China at HSBC Holdings Plc, said the government should further ease monetary policy to stabilize economic growth in the second half, and he expects the central bank to cut reserve requirement ratio as early as this weekend.
Kweichow Moutai Co, the nation's biggest distilled spirit producer, led the decline of distilleries by tumbling 4.9 percent to 248.21 yuan after the company posted a slower growth in first-half profit. Sichuan Swellfun Co fell 2 percent to 28.11 yuan.
Property developers slumped on speculations that the government may curtail the construction of subsidized housing. China Vanke, the nation's biggest developer, lost 2.3 percent to 8.79 yuan. Poly Real Estate, the second largest developer, fell 2.7 percent to 10.63 yuan. Gemdale Corporation retreated 2.5 percent to 5.53 yuan.
The key Shanghai Composite Index shed 0.24 percent, or 5.29 points to 2,168.81 points. Turnover was 60.9 billion yuan (US$9.5 billion) by the trading close. The index rose 1.69 percent for the week.
China posted a trade surplus of US$25.1 billion in July, down from a surplus of US$31.7 billion a month earlier, the General Administration of Customs said today. Both exports and imports expanded at a lower-than-expected pace.
New yuan-denominated loans issued by Chinese banks totaled 540.1 billion yuan in July, the lowest in 10 months, according to the People's Bank of China, the central bank.
The credit data for July was poor even through monetary policies were relaxed, said Liu Dongliang at China Merchants Bank, adding that it dealt a blow to those who believed the economy would bottom out soon.
Qu Hongbin, chief economist for China at HSBC Holdings Plc, said the government should further ease monetary policy to stabilize economic growth in the second half, and he expects the central bank to cut reserve requirement ratio as early as this weekend.
Kweichow Moutai Co, the nation's biggest distilled spirit producer, led the decline of distilleries by tumbling 4.9 percent to 248.21 yuan after the company posted a slower growth in first-half profit. Sichuan Swellfun Co fell 2 percent to 28.11 yuan.
Property developers slumped on speculations that the government may curtail the construction of subsidized housing. China Vanke, the nation's biggest developer, lost 2.3 percent to 8.79 yuan. Poly Real Estate, the second largest developer, fell 2.7 percent to 10.63 yuan. Gemdale Corporation retreated 2.5 percent to 5.53 yuan.
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