Stock index declines to 15-month low
By Feng Jianmin and Pan Xiaoyi |
July 6, 2010, Tuesday
|
Print Edition
Print Edition
SHANGHAI stock market declined to a 15-month low yesterday on concerns of a slowing economic outlook and liquidity.
The benchmark Shanghai Composite Index lost 0.8 percent, or 18.95 points, to close at 2,363.95, the lowest close since April 8, 2009. Turnover shrank to 43 billion yuan (US$6.3 billion) from 61.5 billion yuan last Friday.
"The impact of the financial crisis has been more severe than expected, and the road to recovery is more uncertain," said Premier Wen Jiabao during a tour to three provinces in south China over the weekend.
His comments cast a cloud over the stock market yesterday.
"Investor sentiment is already weak and it will take time for investors to recover from the pessimistic outlook toward the macro-economy and market liquidity," said Yang Jianbo, an analyst at Sinolink Securities Co.
Banks dropped after the Bank of China announced a plan to raise as much as 60 billion yuan in a rights offer, adding to the liquidity concerns as the Agricultural Bank of China will start online subscription for its initial public offering today. The BOC eased 0.9 percent to 3.37 yuan. China Merchants Bank fell 1 percent to 12.78 yuan. The Industrial and Commercial Bank of China, however, was unchanged at 4.06 yuan.
Auto makers were mixed after China's vehicle sales grew more slowly in June. SAIC Motor Corp lost 0.7 percent to 12.31 yuan and Dongfeng Automobile Co added 0.2 percent to end at 4.42 yuan.
Datong Coal Industry Co slid 4.5 percent to 25.77 yuan and China Shenhua Energy Co fell 1.9 percent to end at 20.75 yuan.
The benchmark Shanghai Composite Index lost 0.8 percent, or 18.95 points, to close at 2,363.95, the lowest close since April 8, 2009. Turnover shrank to 43 billion yuan (US$6.3 billion) from 61.5 billion yuan last Friday.
"The impact of the financial crisis has been more severe than expected, and the road to recovery is more uncertain," said Premier Wen Jiabao during a tour to three provinces in south China over the weekend.
His comments cast a cloud over the stock market yesterday.
"Investor sentiment is already weak and it will take time for investors to recover from the pessimistic outlook toward the macro-economy and market liquidity," said Yang Jianbo, an analyst at Sinolink Securities Co.
Banks dropped after the Bank of China announced a plan to raise as much as 60 billion yuan in a rights offer, adding to the liquidity concerns as the Agricultural Bank of China will start online subscription for its initial public offering today. The BOC eased 0.9 percent to 3.37 yuan. China Merchants Bank fell 1 percent to 12.78 yuan. The Industrial and Commercial Bank of China, however, was unchanged at 4.06 yuan.
Auto makers were mixed after China's vehicle sales grew more slowly in June. SAIC Motor Corp lost 0.7 percent to 12.31 yuan and Dongfeng Automobile Co added 0.2 percent to end at 4.42 yuan.
Datong Coal Industry Co slid 4.5 percent to 25.77 yuan and China Shenhua Energy Co fell 1.9 percent to end at 20.75 yuan.
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