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Stocks dive 1.2% as Wen warns of slowdown
By Ye Zhen |
July 16, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI stocks dived this morning after Premier Wen Jiabao warned that the nation's economic difficulties may last for some time to come.
The key Shanghai Composite Index fell 1.2 percent, or 26.20 points to 2159.69 points by midday. Turnover stood at 31.8 billion yuan (US$5 billion) by the noon break.
"China's economy is still expanding at a rate that is within the government target range set at the beginning of the year," Wen said during a three-day tour in Chengdu, Sichuan Province. "But we should be clear that the economy has not entered a stable rebound trend, economic difficulties may continue for some time."
Wen's comments came after GDP data last Friday showed the nation's economy had grown at the slowest pace in three years during the second-quarter of this year.
Property developers fell after Zhuhai city's attempt to relax property curbs was halted by the central government after only five hours of being announced.
China Vanke, the nation's biggest developer, shed 0.7 percent to 9.79 yuan. Poly Real Estate, China's second largest developer shrank 3.5 percent to 12.35 yuan. Gemdale Corporation retreated 2 percent to 6.75 yuan.
Financial institutions also fell. China Construction Bank Corporation lost 0.7 percent to 4 yuan. Bank of China sank 0.7 percent to 2.75 yuan. China Merchants Bank shed 0.2 percent to 10.15 yuan.
China Life Insurance, the country's biggest insurer, skidded 1.8 percent to 18.44 yuan. Ping An Insurance Co, China's second largest insurer, fell 1.5 percent to 44.06 yuan. China Pacific Insurance (Group) Co lost 2.1 percent to 22.50 yuan.
The key Shanghai Composite Index fell 1.2 percent, or 26.20 points to 2159.69 points by midday. Turnover stood at 31.8 billion yuan (US$5 billion) by the noon break.
"China's economy is still expanding at a rate that is within the government target range set at the beginning of the year," Wen said during a three-day tour in Chengdu, Sichuan Province. "But we should be clear that the economy has not entered a stable rebound trend, economic difficulties may continue for some time."
Wen's comments came after GDP data last Friday showed the nation's economy had grown at the slowest pace in three years during the second-quarter of this year.
Property developers fell after Zhuhai city's attempt to relax property curbs was halted by the central government after only five hours of being announced.
China Vanke, the nation's biggest developer, shed 0.7 percent to 9.79 yuan. Poly Real Estate, China's second largest developer shrank 3.5 percent to 12.35 yuan. Gemdale Corporation retreated 2 percent to 6.75 yuan.
Financial institutions also fell. China Construction Bank Corporation lost 0.7 percent to 4 yuan. Bank of China sank 0.7 percent to 2.75 yuan. China Merchants Bank shed 0.2 percent to 10.15 yuan.
China Life Insurance, the country's biggest insurer, skidded 1.8 percent to 18.44 yuan. Ping An Insurance Co, China's second largest insurer, fell 1.5 percent to 44.06 yuan. China Pacific Insurance (Group) Co lost 2.1 percent to 22.50 yuan.
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