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Shanghai index dips as investors nervous about China's slowdown
By Ye Zhen |
June 27, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks ended lower today on fears that the world's second largest economy is in a worse state than expected.
The benchmark Shanghai Composite Index fell 0.23 percent, or 5.13 points, to close at 2,216.93 points. Turnover was 45.2 billion yuan (US$7.2 billion) today.
"The government has been loosening its monetary policy but the contraction of demand for long-term loans is continuing," said Wang Jian, secretary-general of the China Society of Macroeconomics. "The trend of a decelerating economic growth may not change until the end of 2013."
HSBC Holdings Plc yesterday lowered its estimate for China's GDP growth in 2012 from 8.6 percent to 8.4 percent. That came after Citigroup Inc on Monday cut its forecast for China's growth this year to 7.8 percent from 8.1 percent.
Non-ferrous metals producers led the market down as commodity prices declined amid fading optimism over this week's EU summit.
Inner Mongolia Baotou Steel Rare-Earth Hi-tech Co Ltd lost 3.4 percent to close at 40.15 yuan. Rising Nonferrous Metals Share Co retreated 2.3 percent to 64.81 yuan.
Coal producers continued a weak run on rising inventory and falling price. Qinghai Sunshiny Mining Co slumped 9.2 percent to 4.24 yuan. Shanxi Lanhua Sci-Tech Venture Co lost 2.6 percent to 18.00 yuan
Oilfield service companies surged after China National Offshore Oil Corporation, the country's biggest offshore oil and gas producer by capacity, announced it would open nine blocks in the South China Sea for joint operation with foreign companies.
China Oilfield Services Limited surged 6 percent to 16.28 yuan. Offshore Oil Engineering Co jumped 7.6 percent to close at 5.97 yuan.
The benchmark Shanghai Composite Index fell 0.23 percent, or 5.13 points, to close at 2,216.93 points. Turnover was 45.2 billion yuan (US$7.2 billion) today.
"The government has been loosening its monetary policy but the contraction of demand for long-term loans is continuing," said Wang Jian, secretary-general of the China Society of Macroeconomics. "The trend of a decelerating economic growth may not change until the end of 2013."
HSBC Holdings Plc yesterday lowered its estimate for China's GDP growth in 2012 from 8.6 percent to 8.4 percent. That came after Citigroup Inc on Monday cut its forecast for China's growth this year to 7.8 percent from 8.1 percent.
Non-ferrous metals producers led the market down as commodity prices declined amid fading optimism over this week's EU summit.
Inner Mongolia Baotou Steel Rare-Earth Hi-tech Co Ltd lost 3.4 percent to close at 40.15 yuan. Rising Nonferrous Metals Share Co retreated 2.3 percent to 64.81 yuan.
Coal producers continued a weak run on rising inventory and falling price. Qinghai Sunshiny Mining Co slumped 9.2 percent to 4.24 yuan. Shanxi Lanhua Sci-Tech Venture Co lost 2.6 percent to 18.00 yuan
Oilfield service companies surged after China National Offshore Oil Corporation, the country's biggest offshore oil and gas producer by capacity, announced it would open nine blocks in the South China Sea for joint operation with foreign companies.
China Oilfield Services Limited surged 6 percent to 16.28 yuan. Offshore Oil Engineering Co jumped 7.6 percent to close at 5.97 yuan.
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