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Slower economy outlook weighs on stock market
By Lydia Chen |
May 16, 2011, Monday
|
Online Edition
Online Edition
SHANGHAI stocks fell in the morning session today, weighed down by copper producers and building material makers as concerns that a slower economy may reduce market demands.
The Shanghai Composite Index was down 0.28 percent to 2,863.02. Turnover trimmed to 52.38 billion yuan (US$8.07 billion).
Cement, steel and non-ferrous metal makers were among the biggest drags in the early trading.
Anhui Chaodong Cement Co shed 4.88 percent to 18.31 yuan. Ningbo Fubang Jingye Group Co lost 3.68 percent to 15.96 yuan. Inner Mongolia Baotou Steel Union Co tumbled 3.61 percent to 7.21 yuan.
Jim O'Neil, chairman of Goldman Sachs Asset Management, said his strongest hunch is that China's inflation may be close to be easing, meaning the Chinese stock market may "go crazy" in the second half of this year.
His point was shared by China International Capital Corp., China's biggest investment bank, which said in a latest report that the slumps on the mainland market may close to an end.
However, John Lipsky, the first deputy managing director of the International Monetary Fund, told the Shanghai Securities News that he thought China's inflation won't recede soon and the government will probably continue to tighten monetary and fiscal policies.
The Shanghai Composite Index was down 0.28 percent to 2,863.02. Turnover trimmed to 52.38 billion yuan (US$8.07 billion).
Cement, steel and non-ferrous metal makers were among the biggest drags in the early trading.
Anhui Chaodong Cement Co shed 4.88 percent to 18.31 yuan. Ningbo Fubang Jingye Group Co lost 3.68 percent to 15.96 yuan. Inner Mongolia Baotou Steel Union Co tumbled 3.61 percent to 7.21 yuan.
Jim O'Neil, chairman of Goldman Sachs Asset Management, said his strongest hunch is that China's inflation may be close to be easing, meaning the Chinese stock market may "go crazy" in the second half of this year.
His point was shared by China International Capital Corp., China's biggest investment bank, which said in a latest report that the slumps on the mainland market may close to an end.
However, John Lipsky, the first deputy managing director of the International Monetary Fund, told the Shanghai Securities News that he thought China's inflation won't recede soon and the government will probably continue to tighten monetary and fiscal policies.
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