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Shanghai shares ease on concerns about global economy
By Joyce Pan |
June 1, 2010, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks dropped more than 1 percent in the morning session on concerns over a double dip in global economy.
The benchmark Shanghai Composite Index fell 1.01 percent, or 26.2 points, to close at 2,565.95 points. Turnover stood at 38.3 billion yuan (US$5.6 billion). Losers outnumbered gainers by 794 to 92 and 5 remain unchanged.
The Shenzhen Composite Index, which tracks the smaller mainland market, was down 1.69 percent to close at 1,015.98 points.
Premier Wen Jiabao warned yesterday over a potential second global economic downturn on the spreading risks of the government debt crisis.
Domestically, China has shown an early sign of moderating in the country's economic growth following the government's strengthened efforts to crack down on the property industry and the expansion in Europe's sovereign-debt crisis.
The Purchasing Managers Index, a gauge of manufacturing activity, grew 53.9 in May, slower than 55.7 in April, Bloomberg News cited a report by the Federation of Logistics and Purchasing. A reading above 50 indicates an expansion.
The property sector was among the weakest performers as China has pledged to gradually accelerate property-tax reform this year. Wolong Real Estate Group shrank 4.9 percent to 6.8 yuan. Poly Real Estate lost 3.5 percent to 10.66 yuan. Gemdale Co sank 2.5 percent to 6.28 yuan.
Elsewhere, China Merchants Bank eased 0.5 percent to 13.17 yuan after saying it will issue bonds to meet its capital adequacy target and has no plans to raise funds from the stock market.
Citic Securities Co, the country's largest listed brokerage, retreated 1 percent to 19.6 yuan. Its asset management unit has got board approval to trade stock index futures.
TCL Corp added 0.3 percent to 4.07 yuan after it obtained approval from the China Securities Regulatory Commission to raise no more than 5 billion yuan via a private placement.
The benchmark Shanghai Composite Index fell 1.01 percent, or 26.2 points, to close at 2,565.95 points. Turnover stood at 38.3 billion yuan (US$5.6 billion). Losers outnumbered gainers by 794 to 92 and 5 remain unchanged.
The Shenzhen Composite Index, which tracks the smaller mainland market, was down 1.69 percent to close at 1,015.98 points.
Premier Wen Jiabao warned yesterday over a potential second global economic downturn on the spreading risks of the government debt crisis.
Domestically, China has shown an early sign of moderating in the country's economic growth following the government's strengthened efforts to crack down on the property industry and the expansion in Europe's sovereign-debt crisis.
The Purchasing Managers Index, a gauge of manufacturing activity, grew 53.9 in May, slower than 55.7 in April, Bloomberg News cited a report by the Federation of Logistics and Purchasing. A reading above 50 indicates an expansion.
The property sector was among the weakest performers as China has pledged to gradually accelerate property-tax reform this year. Wolong Real Estate Group shrank 4.9 percent to 6.8 yuan. Poly Real Estate lost 3.5 percent to 10.66 yuan. Gemdale Co sank 2.5 percent to 6.28 yuan.
Elsewhere, China Merchants Bank eased 0.5 percent to 13.17 yuan after saying it will issue bonds to meet its capital adequacy target and has no plans to raise funds from the stock market.
Citic Securities Co, the country's largest listed brokerage, retreated 1 percent to 19.6 yuan. Its asset management unit has got board approval to trade stock index futures.
TCL Corp added 0.3 percent to 4.07 yuan after it obtained approval from the China Securities Regulatory Commission to raise no more than 5 billion yuan via a private placement.
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