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Shanghai index drops over new signs economy is slowing
By Ye Zhen |
May 23, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks ended lower today as concerns over a slowing Chinese economy and the outlook of the European debt crisis continued to weigh on investors.
The benchmark Shanghai Composite Index lost 0.4 percent, or 9.87 points to 2,363.44. Turnover stood at 84.9 billion yuan (US$13.5 billion) at the trading close.
China's four biggest banks issued a mere 34 billion yuan in new loans in the first three weeks of May, 21st Century Business Herald reported today, citing an unnamed source. The figure indicates credit demand is weak, adding to signs the country's economy is slowing.
Meanwhile, former Greece Prime Minister Lucas Papademos warned yesterday that Greece would have no choice but to accept the austerity plan or quit the eurozone.
The euro monetary union should plan for Greece's exit to ensure stability, Mohamed El-Erian, the chief executive officer of Pacific Investment Management Co, said on Monday.
Non-ferrous metal producers led the market down following a decline in commodity prices. Inner Mongolia Baotou Steel shrank 3 percent to 43.24 yuan. Zijin Mining Group Co, the nation's largest gold producer, dropped 1.4 percent to 4.08 yuan. Jiangxi Copper, China's biggest producer of metal, lost 1.1 percent to 25.59 yuan.
Coal producers slumped on weak electricity demand. Shanxi Coking Co fell 2.9 percent to 10.42 yuan. Yang Quan Coal Industry (Group) Co lost 2 percent to 19.15 yuan.
Property developers advanced on speculation the central government may loosen policies designed to reign in property prices. Vanke, the nation's largest developer, gained 0.4 percent to 9.05 yuan. Poly Real Estate added 1.5 percent to 13.61 yuan. Gemdale Corporation rose 3.4 percent to 6.63 yuan.
Brokerages also rose. Southwest Securities surged 6.7 percent to 11.54 yuan. Citic Securities, the biggest listed brokerage, added 2.3 percent to 13.60 yuan.
The benchmark Shanghai Composite Index lost 0.4 percent, or 9.87 points to 2,363.44. Turnover stood at 84.9 billion yuan (US$13.5 billion) at the trading close.
China's four biggest banks issued a mere 34 billion yuan in new loans in the first three weeks of May, 21st Century Business Herald reported today, citing an unnamed source. The figure indicates credit demand is weak, adding to signs the country's economy is slowing.
Meanwhile, former Greece Prime Minister Lucas Papademos warned yesterday that Greece would have no choice but to accept the austerity plan or quit the eurozone.
The euro monetary union should plan for Greece's exit to ensure stability, Mohamed El-Erian, the chief executive officer of Pacific Investment Management Co, said on Monday.
Non-ferrous metal producers led the market down following a decline in commodity prices. Inner Mongolia Baotou Steel shrank 3 percent to 43.24 yuan. Zijin Mining Group Co, the nation's largest gold producer, dropped 1.4 percent to 4.08 yuan. Jiangxi Copper, China's biggest producer of metal, lost 1.1 percent to 25.59 yuan.
Coal producers slumped on weak electricity demand. Shanxi Coking Co fell 2.9 percent to 10.42 yuan. Yang Quan Coal Industry (Group) Co lost 2 percent to 19.15 yuan.
Property developers advanced on speculation the central government may loosen policies designed to reign in property prices. Vanke, the nation's largest developer, gained 0.4 percent to 9.05 yuan. Poly Real Estate added 1.5 percent to 13.61 yuan. Gemdale Corporation rose 3.4 percent to 6.63 yuan.
Brokerages also rose. Southwest Securities surged 6.7 percent to 11.54 yuan. Citic Securities, the biggest listed brokerage, added 2.3 percent to 13.60 yuan.
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