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Slower GDP growth dampens Shanghai market
By Ye Zhen |
July 13, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI stocks dipped this morning after data showed China's second-quarter GDP expanded at the slowest pace in three years.
The key Shanghai Composite Index edged down 0.03 percent, or 0.67 points, to 2,184.82 points. Turnover stood at 31.1 billion yuan (US$4.9 billion) by midday.
China's economy expanded at 7.6 percent from a year earlier in the second quarter, the National Bureau of Statistics said today. That is down from the first quarter's 8.1 percent.
"The data showed the nation's real economy is still in the downward," Qu Hongbin, chief economist for China at HSBC Holdings Plc, wrote on his Weibo shortly after the data was released. "The slowdown in industrial added value, power production and imports indicates the economy is still under huge downside pressure."
"With a quick drop in CPI, the government should make moderate policy easing moves to stabilize growth," Qu wrote.
Most brokerages lost in the morning trading. Citic Securities, the nation's biggest listed brokerage, edged down 0.1 percent to 12.73 yuan. Founder Securities Co retreated 1.1 percent to 4.66 yuan. Soochow Securities Co fell 0.2 percent to 8.66 yuan.
Property developers traded mixed. Poly Real Estate, China's second largest developer, shed 0.5 percent to 12.80 yuan. Gemdale Corporation lost 0.3 percent to 6.87 yuan. China Vanke, the nation's biggest developer, gained 1.6 percent to 9.78 yuan.
Cement producers gained. Anhui Conch Cement Co, China's biggest cement producer, added 1.4 percent to 14.90 yuan. Zhejiang Jianfeng Group Co climbed 2.6 percent to 11.65 yuan. Gansu Qilianshan Cement Group Co rose 2.8 percent to 10.79 yuan.
The key Shanghai Composite Index edged down 0.03 percent, or 0.67 points, to 2,184.82 points. Turnover stood at 31.1 billion yuan (US$4.9 billion) by midday.
China's economy expanded at 7.6 percent from a year earlier in the second quarter, the National Bureau of Statistics said today. That is down from the first quarter's 8.1 percent.
"The data showed the nation's real economy is still in the downward," Qu Hongbin, chief economist for China at HSBC Holdings Plc, wrote on his Weibo shortly after the data was released. "The slowdown in industrial added value, power production and imports indicates the economy is still under huge downside pressure."
"With a quick drop in CPI, the government should make moderate policy easing moves to stabilize growth," Qu wrote.
Most brokerages lost in the morning trading. Citic Securities, the nation's biggest listed brokerage, edged down 0.1 percent to 12.73 yuan. Founder Securities Co retreated 1.1 percent to 4.66 yuan. Soochow Securities Co fell 0.2 percent to 8.66 yuan.
Property developers traded mixed. Poly Real Estate, China's second largest developer, shed 0.5 percent to 12.80 yuan. Gemdale Corporation lost 0.3 percent to 6.87 yuan. China Vanke, the nation's biggest developer, gained 1.6 percent to 9.78 yuan.
Cement producers gained. Anhui Conch Cement Co, China's biggest cement producer, added 1.4 percent to 14.90 yuan. Zhejiang Jianfeng Group Co climbed 2.6 percent to 11.65 yuan. Gansu Qilianshan Cement Group Co rose 2.8 percent to 10.79 yuan.
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