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Shanghai index sinks to 6-month low
By Ye Zhen |
July 10, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI shares dropped today, sending the key index to a six-month low as sluggish import data indicated domestic demand remains weak.
The benchmark Shanghai Composite Index fell 0.29 percent, or 6.38 points to close at 2,164.44 points. Turnover was 53.2 billion yuan (US$8.4 billion).
China posted a trade surplus of US$31.7 billion in June, up 42.9 percent from a year earlier, as exports outpaced imports, fueling concern the slowing economy is sapping domestic demand.
"The data indicate external demand remained but domestic demand for overseas goods declined," securities analyst Chen Zhiyong wrote on his microblog today. "Take into account slowing inflation and China's internal demand is worrying."
Shipping related stocks fell on weak trade data. Jiangsu Lianyungang Port Co shed 0.9 percent to end at 3.43 yuan. Shanghai International Port (Group) Co lost 0.4 percent to 2.69 yuan. China Shipping Haisheng Co slumped 6.6 percent to 0.28 yuan.
Property developers continued a weak run on speculation the government may further tighten real estate policies. China Vanke, the nation's biggest developer, lost 1.2 percent to 9.54 yuan. Poly Real Estate, the second largest developer, dropped 3.6 percent to 12.53 yuan. Gemdale Corporation sank 1.6 percent to 6.84 yuan.
Pharmaceutical manufacturers also fell. Guangzhou Pharmaceutical Co lost 0.4 percent to 25.59 yuan. Beijing Tongrentang Co, a producer of Chinese medicine, retreated 3.2 percent to finish at 17.60 yuan. Kangmei Pharmaceutical Co dropped 3.6 percent to 15.53 yuan.
The benchmark Shanghai Composite Index fell 0.29 percent, or 6.38 points to close at 2,164.44 points. Turnover was 53.2 billion yuan (US$8.4 billion).
China posted a trade surplus of US$31.7 billion in June, up 42.9 percent from a year earlier, as exports outpaced imports, fueling concern the slowing economy is sapping domestic demand.
"The data indicate external demand remained but domestic demand for overseas goods declined," securities analyst Chen Zhiyong wrote on his microblog today. "Take into account slowing inflation and China's internal demand is worrying."
Shipping related stocks fell on weak trade data. Jiangsu Lianyungang Port Co shed 0.9 percent to end at 3.43 yuan. Shanghai International Port (Group) Co lost 0.4 percent to 2.69 yuan. China Shipping Haisheng Co slumped 6.6 percent to 0.28 yuan.
Property developers continued a weak run on speculation the government may further tighten real estate policies. China Vanke, the nation's biggest developer, lost 1.2 percent to 9.54 yuan. Poly Real Estate, the second largest developer, dropped 3.6 percent to 12.53 yuan. Gemdale Corporation sank 1.6 percent to 6.84 yuan.
Pharmaceutical manufacturers also fell. Guangzhou Pharmaceutical Co lost 0.4 percent to 25.59 yuan. Beijing Tongrentang Co, a producer of Chinese medicine, retreated 3.2 percent to finish at 17.60 yuan. Kangmei Pharmaceutical Co dropped 3.6 percent to 15.53 yuan.
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