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Shanghai stocks slip despite Wen's stimulus pledge
By Ye Zhen |
July 11, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI shares edged down this morning amid concerns over economic slowdown even through Premier Wen Jiabao pledged more investment to stimulate growth.
The key Shanghai Composite Index fell 0.22 percent or 4.68 points to 2,159.75 points. Turnover stood at 26.6 billion yuan (US$4.2 billion) in the morning trading.
"The measures to stabilized growth include promoting consumption and diversifying exports, but now it is crucial to encourage a reasonable growth in investment," Wen said at a meeting with economists and business leaders.
The National Bureau of Statistics is scheduled to release the second-quarter economic data at 10am Friday. Analysts expect GDP growth in the world's second largest economy to slow to 7.3 percent in the second quarter this year, the lowest since the first quarter of 2009.
Property developers continued a weak run on speculation the government may tighten measures to curb speculation in the housing market in the second half of this year. China Vanke, the nation's biggest developer, shed 0.9 percent to 9.45 yuan. Poly Real Estate, the second largest developer, lost 1.8 percent to 12.31 yuan. Gemdale Corporation dropped 1.5 percent to 6.74 yuan.
Most lenders also fell. The Industrial and Commercial Bank of China Ltd, the nation's largest lender, retreated 0.8 percent to 3.76 yuan. China Construction Bank Corporation edged down 0.5 percent to 4.08 yuan. Agricultural Bank of China shed 0.4 percent to 2.49 yuan.
Infrastructure-related stocks rose on Wen's comments. Anhui Conch Cement Co, China's biggest cement producer, gained 3 percent to 14.56 yuan. China Railway Erju Co jumped 5 percent to 6.45 yuan. China Railway Construction Co rose 3.2 percent to 4.53 yuan.
The key Shanghai Composite Index fell 0.22 percent or 4.68 points to 2,159.75 points. Turnover stood at 26.6 billion yuan (US$4.2 billion) in the morning trading.
"The measures to stabilized growth include promoting consumption and diversifying exports, but now it is crucial to encourage a reasonable growth in investment," Wen said at a meeting with economists and business leaders.
The National Bureau of Statistics is scheduled to release the second-quarter economic data at 10am Friday. Analysts expect GDP growth in the world's second largest economy to slow to 7.3 percent in the second quarter this year, the lowest since the first quarter of 2009.
Property developers continued a weak run on speculation the government may tighten measures to curb speculation in the housing market in the second half of this year. China Vanke, the nation's biggest developer, shed 0.9 percent to 9.45 yuan. Poly Real Estate, the second largest developer, lost 1.8 percent to 12.31 yuan. Gemdale Corporation dropped 1.5 percent to 6.74 yuan.
Most lenders also fell. The Industrial and Commercial Bank of China Ltd, the nation's largest lender, retreated 0.8 percent to 3.76 yuan. China Construction Bank Corporation edged down 0.5 percent to 4.08 yuan. Agricultural Bank of China shed 0.4 percent to 2.49 yuan.
Infrastructure-related stocks rose on Wen's comments. Anhui Conch Cement Co, China's biggest cement producer, gained 3 percent to 14.56 yuan. China Railway Erju Co jumped 5 percent to 6.45 yuan. China Railway Construction Co rose 3.2 percent to 4.53 yuan.
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