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Shanghai shares dip 0.2% at mid-day
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SHANGHAI stocks fell this morning after the central government set an annual economic growth goal of around 7.5 percent for 2014, unchanged from last year's target.
The benchmark Shanghai Composite Index shed 0.20 percent, or 4.06 points, to 2,067.41. Turnover was 48.7 billion yuan (US$8 billion) by the noon break.
Premier Li Keqiang announced the economic and policy targets for 2014 in the opening of the annual session of the National People’s Congress in Beijing this morning, stressing that reforms will be the top priority. China’s economy expanded 7.7 percent last year.
The government also aims for an inflation rate of 3.5 percent this year and 13 percent growth in the M2, a broad measure of money supply. Both targets are unchanged from last year.
Gold stocks led the market down this morning after gaining for days due to its safe-haven status amid worsening tension between Ukraine and Russia. Shandong Gold Mining Co Ltd dropped 3.6 percent to 18.25 yuan. Zhongjin Gold Corp Ltd declined 3.5 percent to 8.44 yuan. Zijin Mining Group Co Ltd fell 2.5 percent to 2.37 yuan.
Oil shares also declined. Sinopec Shanghai Petrochemical Co Ltd fell 3.7 percent to 3.92 yuan. China Petroleum & Chemical Corp lost 1.3 percent to 5.26 yuan. Shanghai Lonyer Fuels Co Ltd shed 1.3 percent to 14.44 yuan at the mid-day break.
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