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Shanghai index drops 1.63%, hits five-month low
By Ye Zhen |
June 25, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI stocks declined today, sending the benchmark index to a five-month low, amid worries the country's economy will continue to sputter in the third quarter.
The Shanghai Composite Index dropped 1.63 percent, or 36.76 points to close at 2,224.11 points. Turnover was 54.8 billion yuan (US$8.7 billion).
A preliminary reading of the HSBC China PMI released last week dropped to 48.1 in June, the lowest in seven months, dashing hopes the economy will rebound quickly.
"The economic growth momentum may further recede as external demand is weak, the firms are still in the process of deleveraging and destocking, and the property bubble is continuing to deflate," China International Capital Corp said in a report today.
"With support from the stimulus policies, the economy may hit bottom in the near future, but it's unlikely to rebound drastically," it said.
Cement producers were the biggest losers today. Anhui Conch Cement Co, the biggest Chinese cement producer, skidded 5.1 percent to end at 14.94 yuan. Zhejiang Jianfeng Group Co retreated 4.6 percent to 11.65 yuan.
The price of steam-coal in the ports around the Bohai Sea region fell 3.06 percent, or 23 yuan, from June 16 through June 20 to 729 yuan, according to the China Coal Transport and Distribution Association today.
Coal producers sank on speculation coal prices will continue to decline on rising inventories. Shanxi Lanhua Sci-Tech Venture Co shrank 6 percent to 18.29 yuan. Shanxi Lu'an Environmental Energy Development Co slumped 6.3 percent to end at 20.45 yuan. Yang Quan Coal Industry (Group) Co dropped 7.8 percent to 15.07 yuan.
The Shanghai Composite Index dropped 1.63 percent, or 36.76 points to close at 2,224.11 points. Turnover was 54.8 billion yuan (US$8.7 billion).
A preliminary reading of the HSBC China PMI released last week dropped to 48.1 in June, the lowest in seven months, dashing hopes the economy will rebound quickly.
"The economic growth momentum may further recede as external demand is weak, the firms are still in the process of deleveraging and destocking, and the property bubble is continuing to deflate," China International Capital Corp said in a report today.
"With support from the stimulus policies, the economy may hit bottom in the near future, but it's unlikely to rebound drastically," it said.
Cement producers were the biggest losers today. Anhui Conch Cement Co, the biggest Chinese cement producer, skidded 5.1 percent to end at 14.94 yuan. Zhejiang Jianfeng Group Co retreated 4.6 percent to 11.65 yuan.
The price of steam-coal in the ports around the Bohai Sea region fell 3.06 percent, or 23 yuan, from June 16 through June 20 to 729 yuan, according to the China Coal Transport and Distribution Association today.
Coal producers sank on speculation coal prices will continue to decline on rising inventories. Shanxi Lanhua Sci-Tech Venture Co shrank 6 percent to 18.29 yuan. Shanxi Lu'an Environmental Energy Development Co slumped 6.3 percent to end at 20.45 yuan. Yang Quan Coal Industry (Group) Co dropped 7.8 percent to 15.07 yuan.
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