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Shanghai stocks drop on slowdown concern
By Feng Jianmin |
August 2, 2011, Tuesday
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Online Edition
Online Edition
SHANGHAI'S benchmark index today fell the most in six days led by commodity producers on concerns about slowdown of industrial expansion in both the world's largest and second-largest economies.
The Shanghai Composite Index lost 0.91 percent to 2,679.26, the lowest since June 22. Turnover rose to 78.8 billion yuan (US$6.7 billion) from yesterday's 66.1 billion yuan.
The decline took cues from overseas stock markets that performed weak after the United States said its manufacturing barely grew last month. The country's manufacturing index fell to 50.9 last month from 55.3 in June, according to the Institute for Supply Management. On Friday, the US government said that so far this year the economy has grown at its slowest pace since the recession ended in June 2009.
Meanwhile, China reported yesterday that its industrial expansion was the slowest in 29 months in July, and the central bank said it would not relax its tight stance on monetary policy as it continues to battle inflation and property speculation.
Commodity counters were among the biggest losers amid concerns that the slowing economic growth may hurt demands.
Jiangxi Copper slumped 2.3 percent to 35.75 yuan. Inner Mongolia Baotou Steel Union Co lost 2 percent to 7.60 yuan. PetroChina, China's largest oil producer, was down 1.9 percent to 10.45 yuan.
Airlines also contributed to the fall after most domestic air carriers said they will raise fuel surcharges on domestic routes today as the country's top economic planning body increased ex-factory jet fuel price yesterday.
China Eastern Airlines skipped 3.3 percent to 5.25 yuan. China Southern Airlines declined 3 percent to 8.04 yuan.
The Shanghai Composite Index lost 0.91 percent to 2,679.26, the lowest since June 22. Turnover rose to 78.8 billion yuan (US$6.7 billion) from yesterday's 66.1 billion yuan.
The decline took cues from overseas stock markets that performed weak after the United States said its manufacturing barely grew last month. The country's manufacturing index fell to 50.9 last month from 55.3 in June, according to the Institute for Supply Management. On Friday, the US government said that so far this year the economy has grown at its slowest pace since the recession ended in June 2009.
Meanwhile, China reported yesterday that its industrial expansion was the slowest in 29 months in July, and the central bank said it would not relax its tight stance on monetary policy as it continues to battle inflation and property speculation.
Commodity counters were among the biggest losers amid concerns that the slowing economic growth may hurt demands.
Jiangxi Copper slumped 2.3 percent to 35.75 yuan. Inner Mongolia Baotou Steel Union Co lost 2 percent to 7.60 yuan. PetroChina, China's largest oil producer, was down 1.9 percent to 10.45 yuan.
Airlines also contributed to the fall after most domestic air carriers said they will raise fuel surcharges on domestic routes today as the country's top economic planning body increased ex-factory jet fuel price yesterday.
China Eastern Airlines skipped 3.3 percent to 5.25 yuan. China Southern Airlines declined 3 percent to 8.04 yuan.
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