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Market tumbles on weak October exports
By Lydia Chen |
November 10, 2011, Thursday
|
Online Edition
Online Edition
THE Shanghai stock market tumbled in today's morning session as economic growth concerns were reignited after data showed China's October exports were the weakest in 8 months.
The Shanghai Composite Index dropped 1.06 percent to 2,498.07. Turnover was at 50.2 billion yuan (US$7.94 billion).
Cement makers and financials led the market down.
Anhui Conch Cement Co shed 3.43 percent to 18.87 yuan. Industrial & Commercial Bank of China, the country's largest lender, lost 1.38 percent to 4.30 yuan while Ping An Insurance Group was down 3.31 percent to 39.20 yuan.
China would not change its macroeconomic policy controls this year, China Central Television reported, citing Zhou Wangjun, deputy director at the price department of the National Development and Reform Commission, the country's top economic planning body.
China's export growth slowed to 15.9 percent in October, the slowest pace in almost two years, from 17.1 percent the previous month, to US$297.95 billion, the General Administration of Customs announced this morning.
Investors' confidence was also dampened on worries that Europe will struggle to keep its currency union intact and International Monetary Fund Managing Director Christine Lagarde warning of the risk of a "lost decade" for the world economy.
Meanwhile, European Union officials said that they had no plans in place for a financial bailout of Italy, raising doubts that Italy could avert a deepening debt crisis on its own.
The Shanghai Composite Index dropped 1.06 percent to 2,498.07. Turnover was at 50.2 billion yuan (US$7.94 billion).
Cement makers and financials led the market down.
Anhui Conch Cement Co shed 3.43 percent to 18.87 yuan. Industrial & Commercial Bank of China, the country's largest lender, lost 1.38 percent to 4.30 yuan while Ping An Insurance Group was down 3.31 percent to 39.20 yuan.
China would not change its macroeconomic policy controls this year, China Central Television reported, citing Zhou Wangjun, deputy director at the price department of the National Development and Reform Commission, the country's top economic planning body.
China's export growth slowed to 15.9 percent in October, the slowest pace in almost two years, from 17.1 percent the previous month, to US$297.95 billion, the General Administration of Customs announced this morning.
Investors' confidence was also dampened on worries that Europe will struggle to keep its currency union intact and International Monetary Fund Managing Director Christine Lagarde warning of the risk of a "lost decade" for the world economy.
Meanwhile, European Union officials said that they had no plans in place for a financial bailout of Italy, raising doubts that Italy could avert a deepening debt crisis on its own.
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