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Shares lose 1.12% despite positive global outlook
By Hu Xiaocen |
December 21, 2011, Wednesday
|
Online Edition
Online Edition
THE Shanghai Composite Index tumbled in the afternoon despite an improved global economic outlook and Premier Wen Jiabao urging for more support to the real economy.
The key index slumped suddenly by 1.12 percent to 2,191.15 points after hovering near 2,200 points all afternoon. Both insurers and brokers tumbled more than 2 percent.
Yesterday US stock markets jumped on increasing new home construction, improved payrolls, and a lower unemployment rate, The Shanghai exchange responded by registering a slight increase of 0.24 percent in the morning.
Premier Wen pledged to support businesses by cutting taxes for some sectors during his visit to Suzhou, the capital of Jiangsu Province in eastern China. He also urged banks to cut borrowing costs to extend more help to real economy.
Along with Wen's vow to stabilize exports, good news was also heard from Europe. Spain beat its maximum target of bill sales, while investor confidence grew in the German market.
The weak rebound of the key index in the morning was then erased by a new plan of Ping An Insurance Group Co, China's second largest life insurer, to raise billions of yuan in debt. All sectors fell across the board, while the insurance sector tumbled by 2.75 percent.
Ping An fell by 5.2 percent to 34.43 yuan at the close of trade, after announcing its plan to issue 26 billion yuan (US$ 4.1 billion) in convertible bonds to lift its capital adequacy.
Despite the news China Merchants Securities in a report today projected that Ping An shares would rise more than 20 percent on the Shanghai and Shenzhen stock exchanges over the next six months.
The key index slumped suddenly by 1.12 percent to 2,191.15 points after hovering near 2,200 points all afternoon. Both insurers and brokers tumbled more than 2 percent.
Yesterday US stock markets jumped on increasing new home construction, improved payrolls, and a lower unemployment rate, The Shanghai exchange responded by registering a slight increase of 0.24 percent in the morning.
Premier Wen pledged to support businesses by cutting taxes for some sectors during his visit to Suzhou, the capital of Jiangsu Province in eastern China. He also urged banks to cut borrowing costs to extend more help to real economy.
Along with Wen's vow to stabilize exports, good news was also heard from Europe. Spain beat its maximum target of bill sales, while investor confidence grew in the German market.
The weak rebound of the key index in the morning was then erased by a new plan of Ping An Insurance Group Co, China's second largest life insurer, to raise billions of yuan in debt. All sectors fell across the board, while the insurance sector tumbled by 2.75 percent.
Ping An fell by 5.2 percent to 34.43 yuan at the close of trade, after announcing its plan to issue 26 billion yuan (US$ 4.1 billion) in convertible bonds to lift its capital adequacy.
Despite the news China Merchants Securities in a report today projected that Ping An shares would rise more than 20 percent on the Shanghai and Shenzhen stock exchanges over the next six months.
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