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Shanghai index down 1.51% as stimulus elusive
By Ye Zhen |
August 13, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI shares fell the most in four weeks on speculation the government may hold off easing policy to avert a rebound in home prices.
The key Shanghai Composite Index slumped 1.51 percent, or 32.74 points to close at 2,136.08 points. Turnover was 63.1 billion yuan (US$9.9) by the trading close.
Economic data released last week showed China's economy continued to slow down due to weak consumer demand and sluggish investment activities, ruling out an imminent rebound in the second half.
Bank of America followed Deutsche Bank AG and Barclays Plc to slash its forecast for China's economic growth in 2012 from 8 percent to 7.7 percent.
The domestic market needs stimulus measures to spur growth and boost investor confidence. But analysts said the central bank may hold off easing measures due to rising home prices.
A rebound in home prices is the main worry for policymakers to take further monetary easing moves, China International Capital Corporation Limited said in a report.
Citic Securities, the biggest listed brokerage, led the decline for brokerages, dropping 9.1 percent to close at 10.99 yuan amid rumors the company lost 2.9 billion yuan in overseas investment. Haitong Securities Co fell 8.6 percent to 8.90 yuan. Soochow Securities Co slumped 8.6 percent to 7.80 yuan.
Insurers were among the losers. China Life Insurance, the country's biggest insurer, shed 5.1 percent to 17.90 yuan. Ping An Insurance Co, China's second largest insurer, decreased 6.5 percent to 41.92 yuan. China Pacific Insurance (Group) Co fell 5.1 percent to 17.90 yuan.
The key Shanghai Composite Index slumped 1.51 percent, or 32.74 points to close at 2,136.08 points. Turnover was 63.1 billion yuan (US$9.9) by the trading close.
Economic data released last week showed China's economy continued to slow down due to weak consumer demand and sluggish investment activities, ruling out an imminent rebound in the second half.
Bank of America followed Deutsche Bank AG and Barclays Plc to slash its forecast for China's economic growth in 2012 from 8 percent to 7.7 percent.
The domestic market needs stimulus measures to spur growth and boost investor confidence. But analysts said the central bank may hold off easing measures due to rising home prices.
A rebound in home prices is the main worry for policymakers to take further monetary easing moves, China International Capital Corporation Limited said in a report.
Citic Securities, the biggest listed brokerage, led the decline for brokerages, dropping 9.1 percent to close at 10.99 yuan amid rumors the company lost 2.9 billion yuan in overseas investment. Haitong Securities Co fell 8.6 percent to 8.90 yuan. Soochow Securities Co slumped 8.6 percent to 7.80 yuan.
Insurers were among the losers. China Life Insurance, the country's biggest insurer, shed 5.1 percent to 17.90 yuan. Ping An Insurance Co, China's second largest insurer, decreased 6.5 percent to 41.92 yuan. China Pacific Insurance (Group) Co fell 5.1 percent to 17.90 yuan.
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