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Shares slip as hope for stimulus package fades
By Ye Zhen |
May 30, 2012, Wednesday
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Online Edition
Online Edition
SHANGHAI Stocks edged down after state-owned news agency Xinhua damped optimism the government will roll out a new round of stimulus measures to reverse the slowdown as it did in 2008.
The benchmark Shanghai Composite Index fell 0.1 percent, or 2.41 points to 2,387.23 points. Turnover stood at 48.3 billion yuan (US$7.7 billion) in morning trading.
The government will not repeat the move in 2008 when it introduced a 4 trillion yuan stimulus plan in response to the global financial crisis, Xinhua said yesterday, cooling speculation that another massive stimulus package is on the way.
The environmental sector advanced as the Ministry of Finance said the country will speed up the development of the circular economy. Beijing Capital Co, a company specializing in wastewater disposal, climbed 4 percent to 5.56 yuan. Tianjin Capital Environmental Protection Group Co gained 2.4 percent to 5.92 yuan.
Property developers advanced on speculation the government may ease house purchase restrictions. China Vanke, the nation's biggest developer, added 1.5 percent to 9.41 yuan. Poly Real Estate, the second largest developer, edged up 0.7 percent to 14.06 yuan.
Non-ferrous metal producers slumped. Jiangxi Copper Co, China's biggest producer of the metal, shed 0.8 percent to 26.18 yuan. Zijin Mining Group Co, the nation's largest gold producer, fell 0.7 percent to 4.11 yuan.
The benchmark Shanghai Composite Index fell 0.1 percent, or 2.41 points to 2,387.23 points. Turnover stood at 48.3 billion yuan (US$7.7 billion) in morning trading.
The government will not repeat the move in 2008 when it introduced a 4 trillion yuan stimulus plan in response to the global financial crisis, Xinhua said yesterday, cooling speculation that another massive stimulus package is on the way.
The environmental sector advanced as the Ministry of Finance said the country will speed up the development of the circular economy. Beijing Capital Co, a company specializing in wastewater disposal, climbed 4 percent to 5.56 yuan. Tianjin Capital Environmental Protection Group Co gained 2.4 percent to 5.92 yuan.
Property developers advanced on speculation the government may ease house purchase restrictions. China Vanke, the nation's biggest developer, added 1.5 percent to 9.41 yuan. Poly Real Estate, the second largest developer, edged up 0.7 percent to 14.06 yuan.
Non-ferrous metal producers slumped. Jiangxi Copper Co, China's biggest producer of the metal, shed 0.8 percent to 26.18 yuan. Zijin Mining Group Co, the nation's largest gold producer, fell 0.7 percent to 4.11 yuan.
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