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Shanghai index dips on dismal tax revenue report
By Ye Zhen |
October 23, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks fell this morning after data showed the nation's tax revenues decreased sharply in the first three quarters of this year.
The benchmark Shanghai Composite Index lost 0.61 percent, or 13.11 points, to 2,119.65 points. Turnover stood at 30.2 billion yuan (US$4.8 billion) by midday.
Tax revenues across the country rose 8.6 percent year on year to 7.74 trillion yuan in the first nine months, the Chinese Ministry of Finance said yesterday. The growth slowed by 18.8 percentage points from the same period last year.
The Ministry attributed the slowdown to sluggish economy, falling prices, slower growth in home sales and imports, as well as structural tax reduction.
Weak market sentiment and decreasing turnover cut the stamp tax income by 32.3 percent from a year earlier to 25.1 billion yuan in the first three quarters.
Distilleries lost the most in morning trading. Kweichow Moutai Co, a leading producer of high-end liquor in China, dropped 2.1 percent to 245.23 yuan. Shanxi Xinghuacun Fen Wine Factory Co declined 3.3 percent to 43.60 yuan. Sichuan Tuopai Shede Wine Co shrank 2.5 percent to 33.02 yuan.
The market decline was slowed by a surge of property developers after data showed new home sales in 54 major cities rose 2.1 percent on a weekly basis to 61,165 units. Zhejiang Guangsha Co jumped by the daily limit of 10 percent to 3.99 yuan. Shanghai Industrial Development Co soared 7.8 percent to 5.95 yuan. Wolong Real Estate Group Co climbed 6.2 percent to 3.94 yuan.
The benchmark Shanghai Composite Index lost 0.61 percent, or 13.11 points, to 2,119.65 points. Turnover stood at 30.2 billion yuan (US$4.8 billion) by midday.
Tax revenues across the country rose 8.6 percent year on year to 7.74 trillion yuan in the first nine months, the Chinese Ministry of Finance said yesterday. The growth slowed by 18.8 percentage points from the same period last year.
The Ministry attributed the slowdown to sluggish economy, falling prices, slower growth in home sales and imports, as well as structural tax reduction.
Weak market sentiment and decreasing turnover cut the stamp tax income by 32.3 percent from a year earlier to 25.1 billion yuan in the first three quarters.
Distilleries lost the most in morning trading. Kweichow Moutai Co, a leading producer of high-end liquor in China, dropped 2.1 percent to 245.23 yuan. Shanxi Xinghuacun Fen Wine Factory Co declined 3.3 percent to 43.60 yuan. Sichuan Tuopai Shede Wine Co shrank 2.5 percent to 33.02 yuan.
The market decline was slowed by a surge of property developers after data showed new home sales in 54 major cities rose 2.1 percent on a weekly basis to 61,165 units. Zhejiang Guangsha Co jumped by the daily limit of 10 percent to 3.99 yuan. Shanghai Industrial Development Co soared 7.8 percent to 5.95 yuan. Wolong Real Estate Group Co climbed 6.2 percent to 3.94 yuan.
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