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Stocks dip on lower national growth target
By Hu Xiaocen |
March 5, 2012, Monday
|
Online Edition
Online Edition
THE Shanghai Composite Index dipped in the morning session on China's lowest economic growth target since 2004.
The key index lost 0.05 percent, to 2,459.35 after swinging between losses and gains by the noon break. Turnover stood at 59.7 billion yuan (US$9.4 billion).
Premier Wen Jiabao unveiled China's targeted growth rate of 7.5 percent for 2012 at the opening of the National People's Congress today, during which political, economic and livelihood issues will be discussed. It's the first time in 8 years that the central government set the economic goal below 8 percent.
"The annual meeting is the current market focus. Investors speculate the government may introduce more measure to bolster economic growth during the session. The rebound will extend further on strengthened investor confidence, if their expectations are met," said Huang Zheng, analyst at Western Securities.
Shanghai's stock market ended up last Friday to secure the seventh weekly gain in a row, the longest winning streak since July 2009.
Sinolink Securities said the index rebound on policy relaxation and improved liquidity.
"Investors should take it seriously if the expectations are not realized," the broker said.
The military sector jumped on a defense budget increase of 11.2 percent. China Spacesat Co jumped 1.81 percent to 19.68 yuan.
The key index lost 0.05 percent, to 2,459.35 after swinging between losses and gains by the noon break. Turnover stood at 59.7 billion yuan (US$9.4 billion).
Premier Wen Jiabao unveiled China's targeted growth rate of 7.5 percent for 2012 at the opening of the National People's Congress today, during which political, economic and livelihood issues will be discussed. It's the first time in 8 years that the central government set the economic goal below 8 percent.
"The annual meeting is the current market focus. Investors speculate the government may introduce more measure to bolster economic growth during the session. The rebound will extend further on strengthened investor confidence, if their expectations are met," said Huang Zheng, analyst at Western Securities.
Shanghai's stock market ended up last Friday to secure the seventh weekly gain in a row, the longest winning streak since July 2009.
Sinolink Securities said the index rebound on policy relaxation and improved liquidity.
"Investors should take it seriously if the expectations are not realized," the broker said.
The military sector jumped on a defense budget increase of 11.2 percent. China Spacesat Co jumped 1.81 percent to 19.68 yuan.
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