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Market slumps, but island wrangle fuels defense-related stocks
By Ye Zhen |
September 11, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI shares sank this morning as investors are worried about China's deepening economic slowdown as indicated by a host of poor data.
The benchmark Shanghai Composite Index lost 0.91 percent, or 19.51 points, to 2,115.39 points. Turnover was 37.7 billion yuan (US$6 billion) at midday.
China's automobile sales crept up 3.7 percent from a year ago in August, down sharply from July's 11 percent growth and June's 15.8 percent increase, the China Association of Auto Manufacturers said yesterday.
An unexpected decrease in imports and a three-year low growth rate in factory output last month signaled further deceleration of the world's second largest economy and dampened hopes for a imminent rebound in the second half of this year.
Investors remain cautious about the nation's economic outlook ant the profitability of listed companies as no substantial policy measures have been taken, said Xiang Weida, director of Great Wall Securities.
Cement producers led the market down. Anhui Conch Cement Co, China's biggest cement producer, lost 3.2 percent to 14.96 yuan. Gansu Qilianshan Cement Group Co dropped 3.2 percent to 11.25 yuan.
Defense-related stocks surged against the falling index as a territorial dispute between China and Japan over the Diaoyu Islands escalated after the Japanese Cabinet announced to purchase the islands. Asian Star Anchor Chain Co jumped 8.2 percent to 8.88 yuan. CSSC Jiangnan Heavy Industry Co advanced 6 percent to 15.92 yuan.
The benchmark Shanghai Composite Index lost 0.91 percent, or 19.51 points, to 2,115.39 points. Turnover was 37.7 billion yuan (US$6 billion) at midday.
China's automobile sales crept up 3.7 percent from a year ago in August, down sharply from July's 11 percent growth and June's 15.8 percent increase, the China Association of Auto Manufacturers said yesterday.
An unexpected decrease in imports and a three-year low growth rate in factory output last month signaled further deceleration of the world's second largest economy and dampened hopes for a imminent rebound in the second half of this year.
Investors remain cautious about the nation's economic outlook ant the profitability of listed companies as no substantial policy measures have been taken, said Xiang Weida, director of Great Wall Securities.
Cement producers led the market down. Anhui Conch Cement Co, China's biggest cement producer, lost 3.2 percent to 14.96 yuan. Gansu Qilianshan Cement Group Co dropped 3.2 percent to 11.25 yuan.
Defense-related stocks surged against the falling index as a territorial dispute between China and Japan over the Diaoyu Islands escalated after the Japanese Cabinet announced to purchase the islands. Asian Star Anchor Chain Co jumped 8.2 percent to 8.88 yuan. CSSC Jiangnan Heavy Industry Co advanced 6 percent to 15.92 yuan.
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