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Pessimism over economy sees stocks dip
By Ye Zhen |
April 17, 2013, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks dipped today amid pessimism over China's economic growth.
The key Shanghai Composite Index shed 0.05 percent to 2,193.80 points, with daily turnover of 60 billion yuan (US$9.7 billion).
"The market is likely to continue the weak run in the short term as its major support from economic recovery has waned," Wang Ping, analyst with Dongxing Securities, said in a weekly note.
An Avic Securities Co report said recent data about inflation and liquidity indicated China's domestic demand remained weak and the growth of money supply had limited contribution to the real economy.
"Plus the weaker-than-expected gross domestic product in the first quarter, the outlook of China's economic recovery is gloomy and growth of GDP may moderate further in the second quarter without additional stimulus," the report said.
The International Monetary Fund yesterday lowered its forecasts for China's economic growth from 8.1 percent to 8 percent in 2013 and from 8.5 percent to 8.2 percent in 2014.
Gold stocks continued to slide after gold posted the biggest drop since 1983. Zhongjin Gold Corp, China's largest gold producer, dropped 1.4 percent to 12.34 yuan.
Zijin Mining Group Co shed 0.3 percent to 3.15 yuan.
Most cement producers also decreased after data from Ccement.com showed the gross profit of 15 listed cement producers fell to 11.6 billion yuan in 2012 from 2011's 21.2 billion yuan.
Fujian Cement Inc decreased 1.7 percent to 7.89 yuan. Gansu Qilianshan Cement Group Co fell 0.9 percent to 11.59 yuan. Shaanxi Qinling Cement (Group) Co shed 0.3 percent to 6.15 yuan.
The key Shanghai Composite Index shed 0.05 percent to 2,193.80 points, with daily turnover of 60 billion yuan (US$9.7 billion).
"The market is likely to continue the weak run in the short term as its major support from economic recovery has waned," Wang Ping, analyst with Dongxing Securities, said in a weekly note.
An Avic Securities Co report said recent data about inflation and liquidity indicated China's domestic demand remained weak and the growth of money supply had limited contribution to the real economy.
"Plus the weaker-than-expected gross domestic product in the first quarter, the outlook of China's economic recovery is gloomy and growth of GDP may moderate further in the second quarter without additional stimulus," the report said.
The International Monetary Fund yesterday lowered its forecasts for China's economic growth from 8.1 percent to 8 percent in 2013 and from 8.5 percent to 8.2 percent in 2014.
Gold stocks continued to slide after gold posted the biggest drop since 1983. Zhongjin Gold Corp, China's largest gold producer, dropped 1.4 percent to 12.34 yuan.
Zijin Mining Group Co shed 0.3 percent to 3.15 yuan.
Most cement producers also decreased after data from Ccement.com showed the gross profit of 15 listed cement producers fell to 11.6 billion yuan in 2012 from 2011's 21.2 billion yuan.
Fujian Cement Inc decreased 1.7 percent to 7.89 yuan. Gansu Qilianshan Cement Group Co fell 0.9 percent to 11.59 yuan. Shaanxi Qinling Cement (Group) Co shed 0.3 percent to 6.15 yuan.
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