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Shanghai shares slump on slower economic growth
By Pan Xiaoyi |
July 15, 2010, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks declined after China's National Statistics Bureau said that the country's economic growth slowed in the second quarter.
The benchmark Shanghai Composite Index lost 1.87 percent to 2,424.30 points. Turnover stood at 72.2 billion yuan (US$10.7 billion), up from 70.2 billion yuan a day before.
The Shenzhen Composite Index, which covers the smaller mainland exchange, went down 2.08 percent to 963.82 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 Statistics said.
"Some investors were worried that slower growth could herald weaker corporate earnings in the coming months," said Zhu Yanwei, a China Galaxy Securities Co trader. "But a technical rebound is likely in the near term after the index dropped nearly 30 percent this year."
Power producers led the decliners as power generation growth slowed in June. Shanghai Electric Power Co retreated 2.21 percent to 3.99 yuan. Huadian Power International Corp was off 2.62 percent to 3.71 yuan.
Zijin Mining Group Co dropped 4.71 percent to 5.52 yuan after saying China's securities regulator was investigating the company over its disclosure on the waste water leakage in Fujian Province.
Agricultural Bank of China, which launched the world's biggest initial public offering this year, added 0.75 percent to close at 2.7 yuan on its first trading day.
Property developers outperformed the benchmark index on speculation that the government may not rush to increase interest rates as inflation cools. Poly Real Estate Group Co edged down 0.71 percent to 11.23 yuan. Shanghai Shimao Co lost 0.40 percent to 12.50 yuan. Gemdale Corp eased 0.46 percent to 6.44 yuan.
The benchmark Shanghai Composite Index lost 1.87 percent to 2,424.30 points. Turnover stood at 72.2 billion yuan (US$10.7 billion), up from 70.2 billion yuan a day before.
The Shenzhen Composite Index, which covers the smaller mainland exchange, went down 2.08 percent to 963.82 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 Statistics said.
"Some investors were worried that slower growth could herald weaker corporate earnings in the coming months," said Zhu Yanwei, a China Galaxy Securities Co trader. "But a technical rebound is likely in the near term after the index dropped nearly 30 percent this year."
Power producers led the decliners as power generation growth slowed in June. Shanghai Electric Power Co retreated 2.21 percent to 3.99 yuan. Huadian Power International Corp was off 2.62 percent to 3.71 yuan.
Zijin Mining Group Co dropped 4.71 percent to 5.52 yuan after saying China's securities regulator was investigating the company over its disclosure on the waste water leakage in Fujian Province.
Agricultural Bank of China, which launched the world's biggest initial public offering this year, added 0.75 percent to close at 2.7 yuan on its first trading day.
Property developers outperformed the benchmark index on speculation that the government may not rush to increase interest rates as inflation cools. Poly Real Estate Group Co edged down 0.71 percent to 11.23 yuan. Shanghai Shimao Co lost 0.40 percent to 12.50 yuan. Gemdale Corp eased 0.46 percent to 6.44 yuan.
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