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Shanghai shares rally in morning trading
By Hu Xiaocen |
June 13, 2013, Thursday
|
Online Edition
Online Edition
Shanghai stocks snapped an eight-day losing streak this morning even though a slew of investment banks lowered their forecasts for China's economic growth in 2013.
The Shanghai Composite Index gained 0.21 percent to 2,152.97 points by the noon break after tumbling 7.6 percent in the past eight days.
The key index plunged 2.8 percent to 2,148.36 point, the lowest since December, in the first trading day after a three-day public holiday yesterday as poor economic data showed China's lackluster foreign trade, slowing industrial output and sluggish credit demand.
Numerous investment banks joined the World Bank to lower their projections for China's economic growth this year.
The World Bank cut its forecast from 8.3 percent to 7.7 percent, the second cut since December. Morgan Stanley also lowered its projection from 8.2 percent to 7.6 percent, citing a less pro-growth policy stance of the Chinese government. UBS, Barclays, RBS, ANZ and other lenders put their forecasts below 8 percent.
Financial stocks were mixed in the morning session. Haitong Securities Co, China's second-biggest brokerage, retreated 0.5 percent to 10.9 yuan (US$1.8). Bank of China gained 0.7 percent to 2.9 yuan. ISBC, the world's biggest bank by assets, lost 0.5 percent to 4.12 yuan. Ping An Insurance Group, China's second-largest insurer, jumped 1.3 percent to 36.95 yuan.
The Shanghai Composite Index gained 0.21 percent to 2,152.97 points by the noon break after tumbling 7.6 percent in the past eight days.
The key index plunged 2.8 percent to 2,148.36 point, the lowest since December, in the first trading day after a three-day public holiday yesterday as poor economic data showed China's lackluster foreign trade, slowing industrial output and sluggish credit demand.
Numerous investment banks joined the World Bank to lower their projections for China's economic growth this year.
The World Bank cut its forecast from 8.3 percent to 7.7 percent, the second cut since December. Morgan Stanley also lowered its projection from 8.2 percent to 7.6 percent, citing a less pro-growth policy stance of the Chinese government. UBS, Barclays, RBS, ANZ and other lenders put their forecasts below 8 percent.
Financial stocks were mixed in the morning session. Haitong Securities Co, China's second-biggest brokerage, retreated 0.5 percent to 10.9 yuan (US$1.8). Bank of China gained 0.7 percent to 2.9 yuan. ISBC, the world's biggest bank by assets, lost 0.5 percent to 4.12 yuan. Ping An Insurance Group, China's second-largest insurer, jumped 1.3 percent to 36.95 yuan.
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