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Stock index enters 3rd straight day of losses
By Hu Xiaocen |
March 7, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks retreated for the third straight day along with overseas stocks, as investors worried that Greece's bailout may fail soon.
The Shanghai Composite Index lost 0.65 percent to 2,394.79 points, sending its loss to the third consecutive day. Turnover stood at 91.7 billion yuan (US$14.5 billion).
Overseas markets slumped on concerns that Greece's bailout is threatened by the likely fall-out of its bond swap deal. Although the government stepped up pressure on private investors to swap their Greek government bonds for replacements with a lower face value and interest rate, currently the affirmed participants hold only one-fifth of the bonds required for the deal. A minimum 75 percent participation rate is required to proceed, said Bloomberg.
Commerce Minister Chen Deming said today at the National People's Congress that the 10 percent yearly target of export growth is still achievable through hard work.
"Exports grew slower in January and February compared to the same period last year. The monthly growth rate for around 7 percent was not only weakened by holiday distortion," Li Bo, analyst at GF Securities, suggested the European crisis is deepening and hurting China's exports.
"The yuan exchange rate needs to be closely managed. A surging rate will largely hurt exports," Li added.
Metal producers tumbled on falling metal futures on the Shanghai Futures Exchange. Zijin Mining Group Co, the nation's largest gold producer, went down 1.55 percent to 4.46 yuan. Jiangxi Copper, China's biggest producer of the metal, slumped 3.1 percent to 25.61 yuan. Inner Mongolia Baotou Steel lost 1.54 percent to 54.29 yuan.
The Shanghai Composite Index lost 0.65 percent to 2,394.79 points, sending its loss to the third consecutive day. Turnover stood at 91.7 billion yuan (US$14.5 billion).
Overseas markets slumped on concerns that Greece's bailout is threatened by the likely fall-out of its bond swap deal. Although the government stepped up pressure on private investors to swap their Greek government bonds for replacements with a lower face value and interest rate, currently the affirmed participants hold only one-fifth of the bonds required for the deal. A minimum 75 percent participation rate is required to proceed, said Bloomberg.
Commerce Minister Chen Deming said today at the National People's Congress that the 10 percent yearly target of export growth is still achievable through hard work.
"Exports grew slower in January and February compared to the same period last year. The monthly growth rate for around 7 percent was not only weakened by holiday distortion," Li Bo, analyst at GF Securities, suggested the European crisis is deepening and hurting China's exports.
"The yuan exchange rate needs to be closely managed. A surging rate will largely hurt exports," Li added.
Metal producers tumbled on falling metal futures on the Shanghai Futures Exchange. Zijin Mining Group Co, the nation's largest gold producer, went down 1.55 percent to 4.46 yuan. Jiangxi Copper, China's biggest producer of the metal, slumped 3.1 percent to 25.61 yuan. Inner Mongolia Baotou Steel lost 1.54 percent to 54.29 yuan.
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