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Shares drop on jitter about quicker slowdown
By Hu Xiaocen |
January 18, 2012, Wednesday
|
Online Edition
Online Edition
THE Shanghai Composite Index slid in the morning trade after yesterday's rally, as a report by the United Nations warned that the slowdown of China's economy may be faster than expected due to worries about housing bubbles.
The key index lost 0.33 percent to 2,290.81 points at the noon break with a turnover of 51.4 billion yuan (US$8.1 billion).
"Investors should be careful at this stage. Despite the short term advance of the index, uncertainty of the market conditions remains," said Shenyin Wanguo Securities in a report.
The United Nations issued a report yesterday, saying China's economy is expected to grow 8.7 percent this year and 8.5 percent in 2013. The country's gross domestic product increased 9.2 percent in 2011, with the pace in the final quarter weakening to 8.9 percent. The report said that one of the risks for another global recession is a bigger-than-anticipated slowdown in China's economy and a major concern is its overheated property market.
Industrial and Commercial Bank of China, the country's biggest lender, retreated 1.15 percent to 4.31 yuan. Bank of Communications lost 1.24 percent to 4.79 yuan. China Merchants Bank withdrew 1.64 percent to 12.57 yuan.
Citic Securities is optimistic about the upward trend of the market. "We predict gradual easing of the policies in the next one to two months. Credit crunch will continue to be eased. There is still space for reserve requirement cut," said Citic in a report.
Brokers remained firm with an average jump of 2.53 percent. Founder Securities led the climb by a jump of 5.62 percent to 4.51 yuan. Citic securities gained 1.52 percent to 10.67 yuan.
"The turnover of the Shanghai share market stands at a healthy level, which will support the index's further rebound," said Xiangcai Securities.
The key index lost 0.33 percent to 2,290.81 points at the noon break with a turnover of 51.4 billion yuan (US$8.1 billion).
"Investors should be careful at this stage. Despite the short term advance of the index, uncertainty of the market conditions remains," said Shenyin Wanguo Securities in a report.
The United Nations issued a report yesterday, saying China's economy is expected to grow 8.7 percent this year and 8.5 percent in 2013. The country's gross domestic product increased 9.2 percent in 2011, with the pace in the final quarter weakening to 8.9 percent. The report said that one of the risks for another global recession is a bigger-than-anticipated slowdown in China's economy and a major concern is its overheated property market.
Industrial and Commercial Bank of China, the country's biggest lender, retreated 1.15 percent to 4.31 yuan. Bank of Communications lost 1.24 percent to 4.79 yuan. China Merchants Bank withdrew 1.64 percent to 12.57 yuan.
Citic Securities is optimistic about the upward trend of the market. "We predict gradual easing of the policies in the next one to two months. Credit crunch will continue to be eased. There is still space for reserve requirement cut," said Citic in a report.
Brokers remained firm with an average jump of 2.53 percent. Founder Securities led the climb by a jump of 5.62 percent to 4.51 yuan. Citic securities gained 1.52 percent to 10.67 yuan.
"The turnover of the Shanghai share market stands at a healthy level, which will support the index's further rebound," said Xiangcai Securities.
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