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Stocks down ahead of economic data release
By Lydia Chen |
September 6, 2011, Tuesday
|
Online Edition
Online Edition
SHANGHAI stock market traded lower in the morning session 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 managed to recover slightly from a low opening but remained down 0.08 percent. Turnover remained low at merely 28.6 billion yuan (US$4.48 billion) in early trading.
The cement sector, one of the benchmark industries tracking the country's economic performance, was one of the biggest drags on the market this morning.
Anhui Conch Cement Co tumbled 3.55 percent, adding to a 14 percent loss over the past three days for China's biggest cement producer.
Auto plays also slumped. SAIC Motor Corp, the country's largest automaker, sank 5.46 percent to 14.55 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 the stock markets for the rest of the year while China is unlikely to relax its tight monetary policy unless its 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 managed to recover slightly from a low opening but remained down 0.08 percent. Turnover remained low at merely 28.6 billion yuan (US$4.48 billion) in early trading.
The cement sector, one of the benchmark industries tracking the country's economic performance, was one of the biggest drags on the market this morning.
Anhui Conch Cement Co tumbled 3.55 percent, adding to a 14 percent loss over the past three days for China's biggest cement producer.
Auto plays also slumped. SAIC Motor Corp, the country's largest automaker, sank 5.46 percent to 14.55 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 the stock markets for the rest of the year while China is unlikely to relax its tight monetary policy unless its 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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