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Shares close flat as investors cautious
By Feng Jianmin |
September 1, 2011, Thursday
|
Print Edition
Print Edition
SHANGHAI'S stock market closed flat yesterday as it saw the worst month since May, amid investor caution ahead of the release of China's macro-economic data.
The Shanghai Composite Index edged up 0.03 percent to 2,567.34 points. The index fell 5 percent in August, the largest monthly loss since May, amid financial turmoil after Standard & Poor's downgraded the United States' top-notch credit rating for the first time in 70 years.
The top priority is to stabilize prices and there is no change in the government's economic policies, Premier Wen Jiabao wrote in Qiushi, an official magazine, which publishes his article today.
A slowdown in the Chinese economic growth is "reasonable" and within the government's expectations, Wen assured.
Last month, banks, including UBS AG, Morgan Stanley and Deutsche Bank, cut growth forecasts for China due to a slowing economic expansion in the US and Europe, which threatens the nation's exports.
The official Purchasing Managers' Index, a measure of industrial expansion, is due out today. A preliminary reading of HSBC's PMI index released last week showed that China's manufacturing activities slowed in August for the second month this year.
Baoshan Iron and Steel Co dipped 0.8 percent to 5.29 yuan after it said its first-half net profit slumped 37 percent from a year earlier due to weak demand and rising costs. It also saw a gloomy outlook for the second half of this year.
Distillers led gainers after the three largest firms reported profits rose an average 35 percent in the first half from a year earlier. Sichuan Swellfun Co gained 5.1 percent to close at 25.29 yuan.
The Shanghai Composite Index edged up 0.03 percent to 2,567.34 points. The index fell 5 percent in August, the largest monthly loss since May, amid financial turmoil after Standard & Poor's downgraded the United States' top-notch credit rating for the first time in 70 years.
The top priority is to stabilize prices and there is no change in the government's economic policies, Premier Wen Jiabao wrote in Qiushi, an official magazine, which publishes his article today.
A slowdown in the Chinese economic growth is "reasonable" and within the government's expectations, Wen assured.
Last month, banks, including UBS AG, Morgan Stanley and Deutsche Bank, cut growth forecasts for China due to a slowing economic expansion in the US and Europe, which threatens the nation's exports.
The official Purchasing Managers' Index, a measure of industrial expansion, is due out today. A preliminary reading of HSBC's PMI index released last week showed that China's manufacturing activities slowed in August for the second month this year.
Baoshan Iron and Steel Co dipped 0.8 percent to 5.29 yuan after it said its first-half net profit slumped 37 percent from a year earlier due to weak demand and rising costs. It also saw a gloomy outlook for the second half of this year.
Distillers led gainers after the three largest firms reported profits rose an average 35 percent in the first half from a year earlier. Sichuan Swellfun Co gained 5.1 percent to close at 25.29 yuan.
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