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Stocks close down on souring sentiment
By Lydia Chen |
September 6, 2011, Tuesday
|
Online Edition
Online Edition
SHANGHAI stock market lost ground today with concerns over China's growth continuing to sour sentiment ahead of the release of a raft of economic data on Friday.
The Shanghai Composite Index traded down 0.33 percent to 2,470.52. Turnover remained low at merely 50.1 billion yuan (US$7.84billion), compared with yesterday's 56.4 billion yuan.
The cement sector, one of the benchmark industries tracking the country's economic performance, was one of the biggest drags on the market today.
Anhui Conch Cement Co tumbled 5.22 percent to 18.69 yuan, adding to a 14 percent loss over the past three days for China's biggest cement producer.
Credit Suisse today cut its target price for the Hong Kong shares of Anhui Conch to HK$28 from a previous estimate of HK$37 to reflect the weakening industry supply and demand outlook and downside risk to margins in 2012.
Auto plays also slumped. SAIC Motor Corp, the country's largest automaker, sank 4.16 percent to 14.75 yuan.
China will release inflation data for August on Friday morning. Consumer-price gains may slow to 6.1 percent, according to median estimate of 22 economists surveyed by China Business News.
China International Capital Corp warned yesterday in a note that liquidity would remain tight in stock markets for the rest of the year while China is unlikely to relax its tight monetary policy unless the economy suffers sharp falls.
The leading Chinese investment bank maintains its forecast of a 9.2 percent year-on-year increase for China's economy this year but the growth is expected to slow to 8.4 percent next year, down 0.3 percentage points from its previous estimate.
The Shanghai Composite Index traded down 0.33 percent to 2,470.52. Turnover remained low at merely 50.1 billion yuan (US$7.84billion), compared with yesterday's 56.4 billion yuan.
The cement sector, one of the benchmark industries tracking the country's economic performance, was one of the biggest drags on the market today.
Anhui Conch Cement Co tumbled 5.22 percent to 18.69 yuan, adding to a 14 percent loss over the past three days for China's biggest cement producer.
Credit Suisse today cut its target price for the Hong Kong shares of Anhui Conch to HK$28 from a previous estimate of HK$37 to reflect the weakening industry supply and demand outlook and downside risk to margins in 2012.
Auto plays also slumped. SAIC Motor Corp, the country's largest automaker, sank 4.16 percent to 14.75 yuan.
China will release inflation data for August on Friday morning. Consumer-price gains may slow to 6.1 percent, according to median estimate of 22 economists surveyed by China Business News.
China International Capital Corp warned yesterday in a note that liquidity would remain tight in stock markets for the rest of the year while China is unlikely to relax its tight monetary policy unless the economy suffers sharp falls.
The leading Chinese investment bank maintains its forecast of a 9.2 percent year-on-year increase for China's economy this year but the growth is expected to slow to 8.4 percent next year, down 0.3 percentage points from its previous estimate.
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