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Shanghai index slips on economic uncertainty
By Ye Zhen |
April 26, 2013, Friday
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Online Edition
Online Edition
SHANGHAI stocks dropped this morning amid growing uncertainty over China's economic recovery. The key Shanghai Composite Index fell 0.49 percent, or 10.86 points, to 2,188.45 points. Turnover was 35.1 billion yuan (US$5.7 billion) by midday.
"Investors are less confident to go long because of sluggish economic recovery and a lack of stimulus measures," said Western Securities.
Jing Ulrich, J.P. Morgan's managing director and chairman of China equities and commodities, said many investors have been taking a wait-and-see stance as the key index stayed between 2,200 and 2,450 points in the past three months. That cautious sentiment is likely to continue after China posted lackluster first-quarter data.
China's economy expanded 7.7 percent in the first quarter, short of the market expectation of 8.2 percent.
Aircraft stocks fell the most in the morning session. China Spacesat Co lost 1.4 percent to 15.25 yuan. Hafei Aviation Industry Co declined 1.6 percent to 23.58 yuan.
Bank of China, the country's third-largest lender, fell 0.7 percent to 2.88 yuan after reporting an 8.2 percent increase in first-quarter earnings, down from a rise of 9.9 percent a year earlier. Bank of Communications Co, the fifth-biggest bank, shed 0.2 percent to 4.64 yuan after reporting a 11.5 percent rise in first-quarter profit, compared with 19.6 percent a year earlier.
"Investors are less confident to go long because of sluggish economic recovery and a lack of stimulus measures," said Western Securities.
Jing Ulrich, J.P. Morgan's managing director and chairman of China equities and commodities, said many investors have been taking a wait-and-see stance as the key index stayed between 2,200 and 2,450 points in the past three months. That cautious sentiment is likely to continue after China posted lackluster first-quarter data.
China's economy expanded 7.7 percent in the first quarter, short of the market expectation of 8.2 percent.
Aircraft stocks fell the most in the morning session. China Spacesat Co lost 1.4 percent to 15.25 yuan. Hafei Aviation Industry Co declined 1.6 percent to 23.58 yuan.
Bank of China, the country's third-largest lender, fell 0.7 percent to 2.88 yuan after reporting an 8.2 percent increase in first-quarter earnings, down from a rise of 9.9 percent a year earlier. Bank of Communications Co, the fifth-biggest bank, shed 0.2 percent to 4.64 yuan after reporting a 11.5 percent rise in first-quarter profit, compared with 19.6 percent a year earlier.
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