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Shanghai market slumps most in 7 weeks
By Lydia Chen |
July 12, 2011, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks fell the most in nearly seven weeks today as analysts said falls on the overseas markets are now casting a negative impact in China.
China's growing money supply also put the government at a difficult position to ease its tightening when the country's economic growth has already showed signs of slowing down.
The Shanghai Composite Index shed 1.72 percent to 2,754.58. This was the biggest single day fall since May 23. Turnover, however, added slightly to 111.54 billion yuan (US$17.27 billion) from yesterday's 101.4 billion yuan.
Heavyweights such as financials and developers led the cross-broad sell-off while commodities shares faltered amid worries that a slowing global economy, now troubled by spreading debt crisis in Europe, will cut demands for metals.
Analysts with Guangzhou Wanlong Securities Consulting Co considered financials, especially banks, the biggest drags to the market right now amid speculations that their profitability will be hurt under the country's vast government debts.
The government may have to continue its tightening as data showed M2, the broadest measure of money supply, beat forecast to grow at 15.9 percent. China's foreign-exchange reserves also climbed to US$3.2 trillion.
Industrial & Commercial Bank of China, the country's largest lender, was down 0.92 percent to 4.29 yuan. China Merchants Bank lost 1.97 percent to 12.96 yuan.
Jiangxi Copper skipped 3 percent to 34.88 yuan. Aluminum Corp of China lost 3.76 percent to 10.49 yuan. PetroChina declined 1.47 percent to 10.72 yuan.
Oil declined for a third day in New York on speculation that Europe's spreading debt crisis will curb demand for raw materials. The European woes also led to price falls in copper and other major metals, coupled with worries that demands may shrink as China intensified property curbs.
China Vanke, the country's biggest listed developer, tumbled 2.86 percent to 8.50 yuan
Shanghai will start a trial to cap prices of newly built low-income housing in the second half of this year, Mayor Han Zheng said yesterday.
Meanwhile, markets around the world sank on fresh concerns about the European debt crisis, which appears to be widened, with concerns about government debt defaults spreading beyond Greece to much larger countries like Italy and Spain.
Hong Kong shares slumped 3.06 percent, the worst one-day drop in fourteen months today, as the euro zone debt crisis worsens and a Moody's report reignited fears over corporate governance in Chinese companies.
China's State Council, or the Cabinet, is set to discuss the country's economic growth direction for the second half of this year during a regular meeting to be held tomorrow.
Top leaders will also meet at Beidaihe resort area in Hebei Province late this month to set the tone for macroeconomic measures during the July-December period, the National Business Daily reported today.
China is scheduled to release a last batch of June economic data tomorrow, including gross domestic product, foreign direct investment and industrial output figures.
China's growing money supply also put the government at a difficult position to ease its tightening when the country's economic growth has already showed signs of slowing down.
The Shanghai Composite Index shed 1.72 percent to 2,754.58. This was the biggest single day fall since May 23. Turnover, however, added slightly to 111.54 billion yuan (US$17.27 billion) from yesterday's 101.4 billion yuan.
Heavyweights such as financials and developers led the cross-broad sell-off while commodities shares faltered amid worries that a slowing global economy, now troubled by spreading debt crisis in Europe, will cut demands for metals.
Analysts with Guangzhou Wanlong Securities Consulting Co considered financials, especially banks, the biggest drags to the market right now amid speculations that their profitability will be hurt under the country's vast government debts.
The government may have to continue its tightening as data showed M2, the broadest measure of money supply, beat forecast to grow at 15.9 percent. China's foreign-exchange reserves also climbed to US$3.2 trillion.
Industrial & Commercial Bank of China, the country's largest lender, was down 0.92 percent to 4.29 yuan. China Merchants Bank lost 1.97 percent to 12.96 yuan.
Jiangxi Copper skipped 3 percent to 34.88 yuan. Aluminum Corp of China lost 3.76 percent to 10.49 yuan. PetroChina declined 1.47 percent to 10.72 yuan.
Oil declined for a third day in New York on speculation that Europe's spreading debt crisis will curb demand for raw materials. The European woes also led to price falls in copper and other major metals, coupled with worries that demands may shrink as China intensified property curbs.
China Vanke, the country's biggest listed developer, tumbled 2.86 percent to 8.50 yuan
Shanghai will start a trial to cap prices of newly built low-income housing in the second half of this year, Mayor Han Zheng said yesterday.
Meanwhile, markets around the world sank on fresh concerns about the European debt crisis, which appears to be widened, with concerns about government debt defaults spreading beyond Greece to much larger countries like Italy and Spain.
Hong Kong shares slumped 3.06 percent, the worst one-day drop in fourteen months today, as the euro zone debt crisis worsens and a Moody's report reignited fears over corporate governance in Chinese companies.
China's State Council, or the Cabinet, is set to discuss the country's economic growth direction for the second half of this year during a regular meeting to be held tomorrow.
Top leaders will also meet at Beidaihe resort area in Hebei Province late this month to set the tone for macroeconomic measures during the July-December period, the National Business Daily reported today.
China is scheduled to release a last batch of June economic data tomorrow, including gross domestic product, foreign direct investment and industrial output figures.
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