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Stocks continue losing streak on growth fears
By Ding Yining |
October 21, 2011, Friday
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Online Edition
Online Edition
THE Shanghai market fell for a fourth day amid worries that slowing economic growth and tight monetary policy are likely to hurt company earnings.
The benchmark Shanghai Composite Index lowered 0.58 percent, or 13.41 points to close at 2,317.96 points in morning trade. Turnover fell to 23.7 billion yuan (US$3.7 billion) from yesterday's 31.6 billion yuan.
The index is heading for a more than 4.5 percent weekly loss, the biggest drop in five months, after China's GDP recorded 9.1 percent growth in the third quarter, the slowest pace in two years.
PetroChina, the biggest index component, fell 1.23 percent to 9.62 yuan. The country's largest oil producer might record a 50 billion yuan loss in its refining business this year as the annual resource tax could rise to 29 billion yuan, company President Zhou Jiping said at the sidelines of a shareholders' meeting yesterday.
Property developers also dragged down the index. Shanghai Lujiazui Finance & Trade Zone Development Co slid 3.32 percent to 12.81 yuan. Gemdale Corporation was down 1.13 percent to 4.36 yuan. Shanghai Shimao Co rose 1.91 percent to 11.73 yuan.
Metal producers were also among the losers. Zhongjin Gold Mining Co slid 3.57 percent to 19.99 yuan. Zijin Mining Co lost 2.64 percent to 4.06 yuan.
The benchmark Shanghai Composite Index lowered 0.58 percent, or 13.41 points to close at 2,317.96 points in morning trade. Turnover fell to 23.7 billion yuan (US$3.7 billion) from yesterday's 31.6 billion yuan.
The index is heading for a more than 4.5 percent weekly loss, the biggest drop in five months, after China's GDP recorded 9.1 percent growth in the third quarter, the slowest pace in two years.
PetroChina, the biggest index component, fell 1.23 percent to 9.62 yuan. The country's largest oil producer might record a 50 billion yuan loss in its refining business this year as the annual resource tax could rise to 29 billion yuan, company President Zhou Jiping said at the sidelines of a shareholders' meeting yesterday.
Property developers also dragged down the index. Shanghai Lujiazui Finance & Trade Zone Development Co slid 3.32 percent to 12.81 yuan. Gemdale Corporation was down 1.13 percent to 4.36 yuan. Shanghai Shimao Co rose 1.91 percent to 11.73 yuan.
Metal producers were also among the losers. Zhongjin Gold Mining Co slid 3.57 percent to 19.99 yuan. Zijin Mining Co lost 2.64 percent to 4.06 yuan.
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