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Shanghai stocks fall on production cut order
By Ye Zhen |
July 26, 2013, Friday
|
Online Edition
Online Edition
SHANGHAI shares fell in the morning trading, with the key index heading for a three-day losing streak, after the government ordered companies in 19 industries to cut outdated production capacity.
A wide sell-off sent the Shanghai Composite Index 0.81 percent lower to 2,004.72 points.
The Ministry of Industry and Information Technology late yesterday announced the first batch of more than 1,400 companies that are ordered to cut outdated production capacity by the end of September in 19 industries, including cement, steel, electrolytic aluminum, ferroalloy and papermaking.
"The detailed list shows the government is serious in its efforts to restructure the economy and is prepared to tolerate the necessary pain," Zhang Zhiwei, chief economic with the Nomura Securities, said in a note.
Inner Mongolia Baotou Steel Union Co increased 2 percent to 3.87 yuan (63 US cents). Chongqing Iron and Steel Co dropped 3.2 percent to 2.73 yuan.
Most lenders declined after the China Banking Regulatory Commission yesterday said the total assets of Chinese banks rose 13.5 percent year on year at the end of June, the slowest pace since 2011.
The Bank of Communications lost 0.8 percent to 3.76 yuan. China Merchants Bank fell 1 percent to 10.72 yuan.
A wide sell-off sent the Shanghai Composite Index 0.81 percent lower to 2,004.72 points.
The Ministry of Industry and Information Technology late yesterday announced the first batch of more than 1,400 companies that are ordered to cut outdated production capacity by the end of September in 19 industries, including cement, steel, electrolytic aluminum, ferroalloy and papermaking.
"The detailed list shows the government is serious in its efforts to restructure the economy and is prepared to tolerate the necessary pain," Zhang Zhiwei, chief economic with the Nomura Securities, said in a note.
Inner Mongolia Baotou Steel Union Co increased 2 percent to 3.87 yuan (63 US cents). Chongqing Iron and Steel Co dropped 3.2 percent to 2.73 yuan.
Most lenders declined after the China Banking Regulatory Commission yesterday said the total assets of Chinese banks rose 13.5 percent year on year at the end of June, the slowest pace since 2011.
The Bank of Communications lost 0.8 percent to 3.76 yuan. China Merchants Bank fell 1 percent to 10.72 yuan.
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