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Profit taking pulls down Shanghai index
By Ye Zhen |
September 13, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks traded lower this morning, led by cement producers as investors locked in profits amid concerns over further economic slowdown.
The key Shanghai Composite Index lost 0.49 percent, or 10.41 points, to 2,116.14 points. Turnover stood at 30.7 billion yuan (US$4.9 billion) at midday.
The State Council said yesterday, after a meeting chaired by Premier Wen Jiabao, that it will introduce export tax rebates, provide loans to small and micro-sized traders, expand the scope of export credit insurance, slash custom clearance costs and protect the interests of exporters by solving their trade frictions.
The measures came after China posted weaker-than-expected trade data for August as the global market remained in the doldrums.
Traders gained over new government measures. Xiamen ITG Group Corp, a company engaged in commodity trading, added 0.7 percent to 4.55 yuan. Shanghai Lansheng Corporation rose 1.8 percent to 0.23 yuan.
Cement producers fell due to a bout of profit taking after yesterday's surge. Anhui Conch Cement Co, China's biggest cement producer, pared 1 percent to 15.12 yuan. Gansu Qilianshan Cement Group dropped 4.2 percent to 11.31 yuan. Zhejiang Jianfeng Group Co slid 2.6 percent to 10.86 yuan.
The key Shanghai Composite Index lost 0.49 percent, or 10.41 points, to 2,116.14 points. Turnover stood at 30.7 billion yuan (US$4.9 billion) at midday.
The State Council said yesterday, after a meeting chaired by Premier Wen Jiabao, that it will introduce export tax rebates, provide loans to small and micro-sized traders, expand the scope of export credit insurance, slash custom clearance costs and protect the interests of exporters by solving their trade frictions.
The measures came after China posted weaker-than-expected trade data for August as the global market remained in the doldrums.
Traders gained over new government measures. Xiamen ITG Group Corp, a company engaged in commodity trading, added 0.7 percent to 4.55 yuan. Shanghai Lansheng Corporation rose 1.8 percent to 0.23 yuan.
Cement producers fell due to a bout of profit taking after yesterday's surge. Anhui Conch Cement Co, China's biggest cement producer, pared 1 percent to 15.12 yuan. Gansu Qilianshan Cement Group dropped 4.2 percent to 11.31 yuan. Zhejiang Jianfeng Group Co slid 2.6 percent to 10.86 yuan.
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