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Share index down 0.44% in morning trade
By Hu Xiaocen |
December 22, 2011, Thursday
|
Online Edition
Online Edition
THE Shanghai Composite Index fell for the fourth consecutive day on a slowdown in China's state-owned enterprises' profit growth, and an expected credit crunch.
The key index dropped by 0.44 percent to 2,181.52 points in the morning, with a turnover of 27.3 billion yuan (US$4.29 billion).
China's state-owned enterprises have made a combined profit of 2.04 trillion yuan from January to November this year, the Ministry of Finance said yesterday.
Despite the 9.2 percent annual rise, a 5.8 percent monthly drop indicates slowing growth that has extended into the fifth consecutive monthly decline.
Worries about a liquidity crunch intensified, as it is a routine for banks to absorb as much cash as they can to meet the year-end reserve requirement target.
The textiles sector led the fall from the beginning of trade until the noon break and posted a slump of 3.74 percent.
Premier Wen Jiabao said in a statement earlier this week during his visit to Jiangsu Province in eastern China: "The economic downturn and high price levels are shrinking the profits of Chinese enterprises, especially the textile industry, which is currently in deep water."
The key index dropped by 0.44 percent to 2,181.52 points in the morning, with a turnover of 27.3 billion yuan (US$4.29 billion).
China's state-owned enterprises have made a combined profit of 2.04 trillion yuan from January to November this year, the Ministry of Finance said yesterday.
Despite the 9.2 percent annual rise, a 5.8 percent monthly drop indicates slowing growth that has extended into the fifth consecutive monthly decline.
Worries about a liquidity crunch intensified, as it is a routine for banks to absorb as much cash as they can to meet the year-end reserve requirement target.
The textiles sector led the fall from the beginning of trade until the noon break and posted a slump of 3.74 percent.
Premier Wen Jiabao said in a statement earlier this week during his visit to Jiangsu Province in eastern China: "The economic downturn and high price levels are shrinking the profits of Chinese enterprises, especially the textile industry, which is currently in deep water."
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