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Shanghai shares fall 0.51% from yesterday's rally
By Ye Zhen |
July 12, 2013, Friday
|
Online Edition
Online Edition
SHANGHAI stocks sank in the morning session as the losses of heavyweights in non-ferrous metals and financials offset the gains of small caps.
The key Shanghai Composite Index lost 10.64 points, or 0.51 percent, to 2,062.35. Turnover was 57.3 billion yuan (US$9.4 billion) by the noon break.
Heavyweight coal miners, non-ferrous metals producers and financials retreated the most after surging on stimulus expectations yesterday.
Market analysts said there was some profit-taking going on because investors doubted yesterday's rally would take hold because the economic fundamentals remained weak.
Deutsche Bank lowered its 2013 China growth forecast to 7.6 percent, from 7.9 percent, but remained optimistic about the outlook in 2014.
Ma Jun, chief economist for Greater China at Deutsche Bank, attributed the deceleration to a drop in producer prices, lack of confidence among enterprises, and the recent liquidity crunch.
Wintime Energy Co lost 2.3 percent to 6.33 yuan. Shanxi Lu'an Environmental Energy Development Co fell 2.4 percent to 11.99 yuan.
Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, declined 2.9 percent to 24.82 yuan.
Industrial and Commercial Bank of China Ltd, the nation's biggest lender, shed 1 percent to 3.94 yuan. China Merchants Bank slumped 2.3 percent to 11.87 yuan.
Small-cap media and IT firms and medical device producers gained in the morning trade.
The key Shanghai Composite Index lost 10.64 points, or 0.51 percent, to 2,062.35. Turnover was 57.3 billion yuan (US$9.4 billion) by the noon break.
Heavyweight coal miners, non-ferrous metals producers and financials retreated the most after surging on stimulus expectations yesterday.
Market analysts said there was some profit-taking going on because investors doubted yesterday's rally would take hold because the economic fundamentals remained weak.
Deutsche Bank lowered its 2013 China growth forecast to 7.6 percent, from 7.9 percent, but remained optimistic about the outlook in 2014.
Ma Jun, chief economist for Greater China at Deutsche Bank, attributed the deceleration to a drop in producer prices, lack of confidence among enterprises, and the recent liquidity crunch.
Wintime Energy Co lost 2.3 percent to 6.33 yuan. Shanxi Lu'an Environmental Energy Development Co fell 2.4 percent to 11.99 yuan.
Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, declined 2.9 percent to 24.82 yuan.
Industrial and Commercial Bank of China Ltd, the nation's biggest lender, shed 1 percent to 3.94 yuan. China Merchants Bank slumped 2.3 percent to 11.87 yuan.
Small-cap media and IT firms and medical device producers gained in the morning trade.
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