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Shanghai stocks retreat 1.17% despite policy easing
By Ye Zhen |
July 5, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI shares slid today amid uncertainty about China's economic outlook, although the central bank took steps today to ease liquidity crunch.
The benchmark Shanghai Composite Index lost 1.17 percent, or 25.96 points, to close at 2201.35 points. Turnover was 52.1 billion yuan (US$8.3 billion).
UBS Securities expects the nation's economy to grow at 7.6 percent in the second quarter this year, the lowest since the first quarter of 2009.
"The economic data due to be released next week will show the country's business activity remains weak, although it has stabilized with policy support," the company said in a report today.
China's central bank today injected 40 billion yuan into the money market through 14-day reverse repurchase agreements and an additional 5 billion yuan in 7-day reverse repurchase agreements. The bank has issued 225 billion yuan in open market operations this week.
Cement producers led the market down as cement prices across the country fell 0.78 percent from a week early, according to Hongyuan Securities.
Anhui Conch Cement Co, the nation's biggest cement producer, slumped 3.7 percent to end at 14.24 yuan. Zhejiang Jianfeng Group Co, plunged 8.6 percent to 11.01 yuan. Gansu Qilianshan Cement Group Co retreated 5.5 percent to 9.72 yuan.
Brokerages suffered a sharp drop. Sinolink Securities Co shrank 6 percent to 13.19 yuan. Citic Securities, the biggest listed brokerage, fell 2.7 percent to 12.18 yuan. Haitong Securities Co decreased 4.2 percent to finish at 9.12 yuan.
Environment-related stocks rose against the falling index on policy stimulus. Shanghai Safbon Water Service Co jumped the day limit of 10 percent to 22.28 yuan. Tianjin Capital Environmental Protection Group Co added 0.9 percent to 5.43 yuan.
The benchmark Shanghai Composite Index lost 1.17 percent, or 25.96 points, to close at 2201.35 points. Turnover was 52.1 billion yuan (US$8.3 billion).
UBS Securities expects the nation's economy to grow at 7.6 percent in the second quarter this year, the lowest since the first quarter of 2009.
"The economic data due to be released next week will show the country's business activity remains weak, although it has stabilized with policy support," the company said in a report today.
China's central bank today injected 40 billion yuan into the money market through 14-day reverse repurchase agreements and an additional 5 billion yuan in 7-day reverse repurchase agreements. The bank has issued 225 billion yuan in open market operations this week.
Cement producers led the market down as cement prices across the country fell 0.78 percent from a week early, according to Hongyuan Securities.
Anhui Conch Cement Co, the nation's biggest cement producer, slumped 3.7 percent to end at 14.24 yuan. Zhejiang Jianfeng Group Co, plunged 8.6 percent to 11.01 yuan. Gansu Qilianshan Cement Group Co retreated 5.5 percent to 9.72 yuan.
Brokerages suffered a sharp drop. Sinolink Securities Co shrank 6 percent to 13.19 yuan. Citic Securities, the biggest listed brokerage, fell 2.7 percent to 12.18 yuan. Haitong Securities Co decreased 4.2 percent to finish at 9.12 yuan.
Environment-related stocks rose against the falling index on policy stimulus. Shanghai Safbon Water Service Co jumped the day limit of 10 percent to 22.28 yuan. Tianjin Capital Environmental Protection Group Co added 0.9 percent to 5.43 yuan.
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