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Shanghai index drops over eurozone debt crisis concern
By Ye Zhen |
June 14, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks ended lower today as worries about the eurozone debt crisis intensified after Moody's Investors Service cut Spain's rating yesterday.
The benchmark Shanghai Composite Index lost 1 percent, or 22.98 points to close at 2,295.95 points. Turnover was 68.9 billion yuan (US$10.9 billion) at the trading close.
Credit ratings agency Moody's Investors Service cut Spain's sovereign rating from A3 to Baa3 yesterday, saying Europe's latest bailout will increase the nation's debt burden.
The prolonged European debt crisis has posted a challenge to China's economy, which still relies heavily on foreign trade. The nation's shipments to the European Union increased a mere 1.3 percent in the first five months of this year.
The World Bank cut its forecast for China's economic growth in 2012 by 0.2 percentage points to 8.2 percent in a report released on Tuesday. It cited the ongoing debt crisis for the change.
Cement firms led the market down in Shanghai trading. Anhui Conch Cement Co, the biggest Chinese cement producer, fell 1.5 percent to 15.87 yuan. Zhejiang Jianfeng Group Co dropped 3 percent to 12.94 yuan.
Coal producers lost as coal prices declined across the country due to rising reserves. Guizhou Panjiang Refined Coal Co slumped 6.7 percent to 28.61 yuan. Shanxi Lanhua Sci-Tech Venture Co lost 2.2 percent to 19.92 yuan. Shanxi Lu'an Environmental Energy Development Co shrank 3 percent to 23.87 yuan.
Auto manufacturers gained as they continue to benefit from government subsidies for vehicle owners who trade in old vehicles for new ones. Liaoning SG Automotive Group Co soared the daily limit of 10 percent to 5.87 yuan. Zhengzhou Yutong Bus Co gained 2 percent to 24.61 yuan. SAIC Motor Corporation Limited added 1 percent to end at 15.09 yuan.
The benchmark Shanghai Composite Index lost 1 percent, or 22.98 points to close at 2,295.95 points. Turnover was 68.9 billion yuan (US$10.9 billion) at the trading close.
Credit ratings agency Moody's Investors Service cut Spain's sovereign rating from A3 to Baa3 yesterday, saying Europe's latest bailout will increase the nation's debt burden.
The prolonged European debt crisis has posted a challenge to China's economy, which still relies heavily on foreign trade. The nation's shipments to the European Union increased a mere 1.3 percent in the first five months of this year.
The World Bank cut its forecast for China's economic growth in 2012 by 0.2 percentage points to 8.2 percent in a report released on Tuesday. It cited the ongoing debt crisis for the change.
Cement firms led the market down in Shanghai trading. Anhui Conch Cement Co, the biggest Chinese cement producer, fell 1.5 percent to 15.87 yuan. Zhejiang Jianfeng Group Co dropped 3 percent to 12.94 yuan.
Coal producers lost as coal prices declined across the country due to rising reserves. Guizhou Panjiang Refined Coal Co slumped 6.7 percent to 28.61 yuan. Shanxi Lanhua Sci-Tech Venture Co lost 2.2 percent to 19.92 yuan. Shanxi Lu'an Environmental Energy Development Co shrank 3 percent to 23.87 yuan.
Auto manufacturers gained as they continue to benefit from government subsidies for vehicle owners who trade in old vehicles for new ones. Liaoning SG Automotive Group Co soared the daily limit of 10 percent to 5.87 yuan. Zhengzhou Yutong Bus Co gained 2 percent to 24.61 yuan. SAIC Motor Corporation Limited added 1 percent to end at 15.09 yuan.
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