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Shares plunge 2% on slowing GDP growth
By Feng Jianmin |
October 18, 2011, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index dropped by the most in nearly a month after data showed that China's economic growth has been slowing down for three consecutive quarters.
The benchmark Shanghai Composite Index dropped 2.33 percent today to close at 2,383.49 points, the largest fall since September 23. Turnover rose to 69.3 billion yuan (US$10.9 billion) from yesterday's 57.7 billion yuan.
China's top statistics bureau said in a statement today that China's gross domestic product had risen 9.1 percent in the third quarter from last year, the slowest since 2009. The growth was slower than 9.7 percent in the first quarter and 9.6 percent in the second.
Meanwhile, hopes for a quick solution to Europe's 2-year debt crisis faded after German finance chief Wolfgang Schaeuble said the country would not provide a definitive solution to the crisis by the weekend - the deadline set at a meeting of Group of 20 financial chiefs.
Cement producers and steelmakers led the decliners on concerns that slower economic growth could dampen demand. Jiangxi Wannianqing Cement Co shed 6 percent to 14.18 yuan. Baoshan Iron & Steel Co dropped 3 percent to 5.09 yuan.
Brokerages fell after data showed that all 17 listed brokerages had made a combined loss of 196 million yuan in September due to the volatile stock market, the official China Securities Journal reported today.
Changjiang Securities Co, the worst performer in September, dropped 4.4 percent to 9.22 yuan after reporting a loss of 148 million yuan. Southwest Securities Co slid 4.1 percent to 10.94 yuan after posting a similar loss of 146 million yuan.
Sinohydro Group, China's largest hydro power company, rose 17 percent on its first trading day.
The benchmark Shanghai Composite Index dropped 2.33 percent today to close at 2,383.49 points, the largest fall since September 23. Turnover rose to 69.3 billion yuan (US$10.9 billion) from yesterday's 57.7 billion yuan.
China's top statistics bureau said in a statement today that China's gross domestic product had risen 9.1 percent in the third quarter from last year, the slowest since 2009. The growth was slower than 9.7 percent in the first quarter and 9.6 percent in the second.
Meanwhile, hopes for a quick solution to Europe's 2-year debt crisis faded after German finance chief Wolfgang Schaeuble said the country would not provide a definitive solution to the crisis by the weekend - the deadline set at a meeting of Group of 20 financial chiefs.
Cement producers and steelmakers led the decliners on concerns that slower economic growth could dampen demand. Jiangxi Wannianqing Cement Co shed 6 percent to 14.18 yuan. Baoshan Iron & Steel Co dropped 3 percent to 5.09 yuan.
Brokerages fell after data showed that all 17 listed brokerages had made a combined loss of 196 million yuan in September due to the volatile stock market, the official China Securities Journal reported today.
Changjiang Securities Co, the worst performer in September, dropped 4.4 percent to 9.22 yuan after reporting a loss of 148 million yuan. Southwest Securities Co slid 4.1 percent to 10.94 yuan after posting a similar loss of 146 million yuan.
Sinohydro Group, China's largest hydro power company, rose 17 percent on its first trading day.
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