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Shanghai shares drop on slower economic growth
By Pan Xiaoyi |
July 15, 2010, Thursday
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Online Edition
Online Edition
SHANGHAI stocks ended lower in the morning session after data showed China's economic growth slowed in the second quarter.
The benchmark Shanghai Composite Index dipped 0.36 percent, or 8.82 points, to close at 2461.62. Turnover stood at 39 billion yuan (US$5.7 billion).
The Shenzhen Composite Index, which covers the smaller mainland exchange, went down 0.25 percent to 981.86 points.
China's economic growth rose 10.3 percent in the second quarter, down from an 11.9 percent gain in the first quarter. Inflation cooled to 2.9 percent in June from 3.1 percent in May, the National Bureau of Statistic said today in Beijing.
Power producers led the decliners as the electricity generation slowed in June. Shanghai Electric Power Co retreated 0.7 percent to 4.05 yuan. Huadian Power International Corp was off 1.1 percent to 3.77 yuan.
Zijin Mining Group Co dropped 2.8 percent to 5.6 yuan after saying China's securities regulator is investigating the company over its disclosure on the waste water leakage in Fujian Province. .
Agricultural Bank of China, the world's biggest initial public offering this year, added 0.75 percent to close at 2.7 yuan at the mid-day break on its first trading day.
Property developer gained on speculation the government may not rush to increase interest rates as inflation cools. Poly Real Estate Group Co advanced 2 percent to 11.54 yuan. Shanghai Shimao Co increased 1.4 percent to 12. 72 yuan. Gemdale Corp rose 1.4 percent to 6.56 yuan.
The benchmark Shanghai Composite Index dipped 0.36 percent, or 8.82 points, to close at 2461.62. Turnover stood at 39 billion yuan (US$5.7 billion).
The Shenzhen Composite Index, which covers the smaller mainland exchange, went down 0.25 percent to 981.86 points.
China's economic growth rose 10.3 percent in the second quarter, down from an 11.9 percent gain in the first quarter. Inflation cooled to 2.9 percent in June from 3.1 percent in May, the National Bureau of Statistic said today in Beijing.
Power producers led the decliners as the electricity generation slowed in June. Shanghai Electric Power Co retreated 0.7 percent to 4.05 yuan. Huadian Power International Corp was off 1.1 percent to 3.77 yuan.
Zijin Mining Group Co dropped 2.8 percent to 5.6 yuan after saying China's securities regulator is investigating the company over its disclosure on the waste water leakage in Fujian Province. .
Agricultural Bank of China, the world's biggest initial public offering this year, added 0.75 percent to close at 2.7 yuan at the mid-day break on its first trading day.
Property developer gained on speculation the government may not rush to increase interest rates as inflation cools. Poly Real Estate Group Co advanced 2 percent to 11.54 yuan. Shanghai Shimao Co increased 1.4 percent to 12. 72 yuan. Gemdale Corp rose 1.4 percent to 6.56 yuan.
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