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Shanghai index drops as stimulus package speculation declines
By Ye Zhen |
May 30, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks ended lower today as expectations for a new massive stimulus package cooled.
The benchmark Shanghai Composite Index shed 0.2 percent, or 4.97 points to close at 2,384.67 points. Turnover was 84.8 billion yuan (US$13.5 billion) at the trading close.
The government has no plan to roll out another massive stimulus package as it did in 2008, Xinhua said yesterday.
The Chinese government has accelerated project approvals and introduced a flurry of stimulus policies this month, which fueled speculation Beijing may repeat the 4 trillion yuan stimulus plan in response to the global financial crisis in 2008.
"We aim at maintaining stable economic growth through a reasonable investment scale. It's unlikely to massively expand investment again, as the effect of it may not last," said Luo Guosan, an official at the National Development and Reform Commission.
The environmental sector continued its recent strong run on government incentives, with the sector gaining 3.8 percent today. Beijing Capital Co, a company specializing in wastewater disposal, climbed 3.2 percent to 5.52 yuan. Tianjin Capital Environmental Protection Group Co gained 1.2 percent to 5.85 yuan.
The country will speed up the development of the circular economy. It is estimated that the output value of the sector could reach 1.2 trillion yuan by 2015, Shanghai Securities News reported today, citing Zhang Shaochun, an official at the Ministry of Finance.
Coal producers led the market down. China Shenhua Energy Co lost 0.9 percent to end at 26.43 yuan. Wintime Energy Co fell 1.3 percent to 11.53 yuan.
Brokerages gained against the falling index. Citic Securities, the biggest listed brokerage, added 0.6 percent to close at 13.82 yuan. Everbright Securities Co rose 1.5 percent to 14.73 yuan.
The benchmark Shanghai Composite Index shed 0.2 percent, or 4.97 points to close at 2,384.67 points. Turnover was 84.8 billion yuan (US$13.5 billion) at the trading close.
The government has no plan to roll out another massive stimulus package as it did in 2008, Xinhua said yesterday.
The Chinese government has accelerated project approvals and introduced a flurry of stimulus policies this month, which fueled speculation Beijing may repeat the 4 trillion yuan stimulus plan in response to the global financial crisis in 2008.
"We aim at maintaining stable economic growth through a reasonable investment scale. It's unlikely to massively expand investment again, as the effect of it may not last," said Luo Guosan, an official at the National Development and Reform Commission.
The environmental sector continued its recent strong run on government incentives, with the sector gaining 3.8 percent today. Beijing Capital Co, a company specializing in wastewater disposal, climbed 3.2 percent to 5.52 yuan. Tianjin Capital Environmental Protection Group Co gained 1.2 percent to 5.85 yuan.
The country will speed up the development of the circular economy. It is estimated that the output value of the sector could reach 1.2 trillion yuan by 2015, Shanghai Securities News reported today, citing Zhang Shaochun, an official at the Ministry of Finance.
Coal producers led the market down. China Shenhua Energy Co lost 0.9 percent to end at 26.43 yuan. Wintime Energy Co fell 1.3 percent to 11.53 yuan.
Brokerages gained against the falling index. Citic Securities, the biggest listed brokerage, added 0.6 percent to close at 13.82 yuan. Everbright Securities Co rose 1.5 percent to 14.73 yuan.
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