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Shanghai stocks slip after Spain's sovereign rating slashed
By Ye Zhen |
June 14, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks edged down this morning after Moody's Investors Service cut Spain's rating, raising concern the prolonged eurozone debt crisis may continue to weigh on the global economy.
The benchmark Shanghai Composite Index lost 0.33 percent, or 7.55 points to 2,311.38. Turnover stood at 36.8 billion yuan (US$5.8 billion) in the morning session.
Credit ratings agency Moody's Investors Service cut Spain's sovereign rating from A3 to Baa3 yesterday, saying Europe's latest bailout will increase the nation's debt burden.
Eurozone finance ministers on Saturday agreed on a deal to provide Spain's banks a bailout worth up to 100 billion euros (US$124.9 billion), fueling worries Spain may follow Greece in asking for more support as the debt crisis spreads.
Coal producers led the market down in Shanghai trading as coal prices declined due to rising reserves.
Shanxi Lanhua Sci-Tech Venture Co lost 1.2 percent to 20.13 yuan. Yang Quan Coal Industry (Group) Co fell 1 percent to 17.18 yuan. Shanxi Lu'an Environmental Energy Development Co shrank 1.6 percent to 24.20 yuan. China Shenhua Energy Co shed 1 percent to 23.56 yuan.
Electricity producers continued a strong run as the National Energy Administration estimated that the maximum daily power consumption during this summer's peak may reach 1.55 to 1.60 billion kwh, increasing 3 to 6 percent from a year earlier.
Huaneng Power International Inc added 0.8 percent to 6.31 yuan. GD Power Development Co surged 4.9 percent to 2.79 yuan. Huadian Power International Co rose 2.1 percent to 3.90 yuan.
Insurers gained as the government plans to widen investment options for insurance funds. China Life Insurance, the country's biggest insurer, rose 1 percent to 18.06 yuan. Ping An Insurance Co, China's second largest insurer, edged up 0.2 percent to 45.38 yuan. China Pacific Insurance (Group) Co climbed 1 percent to 22.40 yuan.
The benchmark Shanghai Composite Index lost 0.33 percent, or 7.55 points to 2,311.38. Turnover stood at 36.8 billion yuan (US$5.8 billion) in the morning session.
Credit ratings agency Moody's Investors Service cut Spain's sovereign rating from A3 to Baa3 yesterday, saying Europe's latest bailout will increase the nation's debt burden.
Eurozone finance ministers on Saturday agreed on a deal to provide Spain's banks a bailout worth up to 100 billion euros (US$124.9 billion), fueling worries Spain may follow Greece in asking for more support as the debt crisis spreads.
Coal producers led the market down in Shanghai trading as coal prices declined due to rising reserves.
Shanxi Lanhua Sci-Tech Venture Co lost 1.2 percent to 20.13 yuan. Yang Quan Coal Industry (Group) Co fell 1 percent to 17.18 yuan. Shanxi Lu'an Environmental Energy Development Co shrank 1.6 percent to 24.20 yuan. China Shenhua Energy Co shed 1 percent to 23.56 yuan.
Electricity producers continued a strong run as the National Energy Administration estimated that the maximum daily power consumption during this summer's peak may reach 1.55 to 1.60 billion kwh, increasing 3 to 6 percent from a year earlier.
Huaneng Power International Inc added 0.8 percent to 6.31 yuan. GD Power Development Co surged 4.9 percent to 2.79 yuan. Huadian Power International Co rose 2.1 percent to 3.90 yuan.
Insurers gained as the government plans to widen investment options for insurance funds. China Life Insurance, the country's biggest insurer, rose 1 percent to 18.06 yuan. Ping An Insurance Co, China's second largest insurer, edged up 0.2 percent to 45.38 yuan. China Pacific Insurance (Group) Co climbed 1 percent to 22.40 yuan.
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