Removal of export tax rebate hits shares
By Feng Jianmin and Pan Xiaoyi |
June 24, 2010, Thursday
|
Print Edition
Print Edition
SHANGHAI stocks closed lower yesterday on weak steel mills and metal producers after the State Council, China's Cabinet, scrapped export tax rebate on 406 products including steel and nonferrous metals.
The Shanghai Composite Index fell 0.73 percent, or 18.83 points, to close at 2,569.87. Turnover shrank to 61.9 billion yuan (US$9.4 billion) from 65.9 billion yuan on Tuesday.
"The removal of the tax refund involved more industries than expected, signaling the government's firm determination to discourage high-polluting industries," said Luo Yanping, an analyst at Shiji Investment Advisory Co. "There is speculation that more measures will be rolled out as the government intends to adjust the industrial structure."
The government announced yesterday it will scrap the 9 percent export tax rebate from July 15.
Baoshan Iron and Steel Co fell 2.7 percent to 6.08 yuan, Angang Steel Co declined 2.4 percent to 7.75 yuan, and Beijing Shougang Co lost 1.4 percent to 3.54 yuan.
Aluminum Corp of China shed 1.7 percent to 10.07 yuan, and Yunnan Copper Industry Co dropped 2 percent to 20.79 yuan. Jiangxi Copper Co slid 1.6 percent to 27.83 yuan and Datong Coal Industry fell 1 percent to 33.05 yuan.
Technology firms gained after the central government unveiled plans to boost the software industry.
UFIDA Software Co jumped 3.9 percent to end at 23.25 yuan. Inspur Electronic Information Industry Co jumped 3.4 percent to close at 12.03 yuan.
The Shanghai Composite Index fell 0.73 percent, or 18.83 points, to close at 2,569.87. Turnover shrank to 61.9 billion yuan (US$9.4 billion) from 65.9 billion yuan on Tuesday.
"The removal of the tax refund involved more industries than expected, signaling the government's firm determination to discourage high-polluting industries," said Luo Yanping, an analyst at Shiji Investment Advisory Co. "There is speculation that more measures will be rolled out as the government intends to adjust the industrial structure."
The government announced yesterday it will scrap the 9 percent export tax rebate from July 15.
Baoshan Iron and Steel Co fell 2.7 percent to 6.08 yuan, Angang Steel Co declined 2.4 percent to 7.75 yuan, and Beijing Shougang Co lost 1.4 percent to 3.54 yuan.
Aluminum Corp of China shed 1.7 percent to 10.07 yuan, and Yunnan Copper Industry Co dropped 2 percent to 20.79 yuan. Jiangxi Copper Co slid 1.6 percent to 27.83 yuan and Datong Coal Industry fell 1 percent to 33.05 yuan.
Technology firms gained after the central government unveiled plans to boost the software industry.
UFIDA Software Co jumped 3.9 percent to end at 23.25 yuan. Inspur Electronic Information Industry Co jumped 3.4 percent to close at 12.03 yuan.
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