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Shanghai index falls as eurozone debt crisis spooks investors
By Ye Zhen |
June 12, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks lost today as concern over the eurozone debt crisis overshadowed the nation's stronger-than-expected bank loans data.
The benchmark Shanghai Composite Index decreased 0.7 percent, or 16.07 points to 2,289.79 points. Turnover was 55.3 billion yuan (US$8.8 billion) at the trading close.
Spain's 10-year bond yield rose 29 basis points to 6.52 percent yesterday, raising concern Europe's latest bailout won't halt the region's debt crisis.
Eurozone finance ministers on Saturday agreed on a deal to provide Spain's banks a bailout worth up to 100 billion euros (US$125 billion).
"It is not going to work and it's not working," said Nobel Prize-winning economist Joseph Stiglitz, who believes without facing the underlying problem and promoting growth, the situation may turn into a loop where the government and the nation's lenders continuously bail out each other.
China's new yuan loans in May rose 241.6 billion yuan from a year earlier to 793.2 billion yuan, exceeding April's 681.8 billion yuan, according to the People's Bank of China yesterday, reflecting the country's investment activity is recovering.
Non-ferrous metal producers traded bearish in Shanghai on speculation the government is considering inventory reserves of rare earths in order to stabilize prices. Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co fell 0.6 percent to 45.50 yuan. Rising Nonferrous Metals Share Co lost 0.6 percent to finish at 73.44 yuan.
Steel manufacturers lost after the country's largest listed steel mill Baoshan Iron and Steel Co cut prices for July. Baoshan Iron and Steel Co dropped 3.3 percent to 4.43 yuan. Inner Mongolia BaoTou Steel Union Co sank 1.3 percent to close at 6.10 yuan.
Most property developers gained as National Business Daily reported the nation's four biggest banks plan to lower the mortgage rate for first-time homebuyers. China Vanke, the nation's biggest developer, added 0.2 percent to 9.22 yuan. Poly Real Estate, the second largest developer, surged 4 percent to 14.63 yuan. Gemdale Corporation rose 3.1 percent to end at 7.27 yuan.
The benchmark Shanghai Composite Index decreased 0.7 percent, or 16.07 points to 2,289.79 points. Turnover was 55.3 billion yuan (US$8.8 billion) at the trading close.
Spain's 10-year bond yield rose 29 basis points to 6.52 percent yesterday, raising concern Europe's latest bailout won't halt the region's debt crisis.
Eurozone finance ministers on Saturday agreed on a deal to provide Spain's banks a bailout worth up to 100 billion euros (US$125 billion).
"It is not going to work and it's not working," said Nobel Prize-winning economist Joseph Stiglitz, who believes without facing the underlying problem and promoting growth, the situation may turn into a loop where the government and the nation's lenders continuously bail out each other.
China's new yuan loans in May rose 241.6 billion yuan from a year earlier to 793.2 billion yuan, exceeding April's 681.8 billion yuan, according to the People's Bank of China yesterday, reflecting the country's investment activity is recovering.
Non-ferrous metal producers traded bearish in Shanghai on speculation the government is considering inventory reserves of rare earths in order to stabilize prices. Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co fell 0.6 percent to 45.50 yuan. Rising Nonferrous Metals Share Co lost 0.6 percent to finish at 73.44 yuan.
Steel manufacturers lost after the country's largest listed steel mill Baoshan Iron and Steel Co cut prices for July. Baoshan Iron and Steel Co dropped 3.3 percent to 4.43 yuan. Inner Mongolia BaoTou Steel Union Co sank 1.3 percent to close at 6.10 yuan.
Most property developers gained as National Business Daily reported the nation's four biggest banks plan to lower the mortgage rate for first-time homebuyers. China Vanke, the nation's biggest developer, added 0.2 percent to 9.22 yuan. Poly Real Estate, the second largest developer, surged 4 percent to 14.63 yuan. Gemdale Corporation rose 3.1 percent to end at 7.27 yuan.
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