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Stocks drop on weak Q3 outlook
By Ye Zhen |
July 23, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI stocks plunged this morning amid concern that China's economic slowdown will further deepen in the third quarter.
The benchmark Shanghai Composite Index dived 1.15 percent to 2,143.65 points. Turnover stood at 27.5 billion yuan (US$4.4 billion) by the noon break.
"China's economic growth is likely to further decelerate to 7.4 percent in the third quarter," Song Guoqing, a member of the monetary policy committee of China's central bank, said over the weekend. He also warned that short term deflation could happen and the government should be careful about stimulus measures.
China's economy expanded at 7.6 percent in the second quarter, the slowest pace in three years.
"For now, the downward economic trend still dominates the weakness in the equity market," said Zhongzheng Investment Consulting Co, "The stock market will struggle to find motivation for a rebound until the economic growth starts to recover."
Oil-related stocks dragged the market down. China Oilfield Services Limited lost 0.5 percent to 17.60 yuan. China Petroleum and Chemical Co, China's largest oil refiner, dropped 1.2 percent to 6.01 yuan. PetroChina Co, the second biggest player, retreated 0.9 percent to 8.90 yuan.
Property developers traded bearish on speculation the government will unveil more curb measures on the property market. China Vanke, the nation's biggest developer, fell 1.3 percent to 9.18 yuan. Poly Real Estate, the second largest developer, sank 2 percent to 11.13 yuan. Gemdale Corporation dipped 0.3 percent to 5.87 yuan.
Most automakers posted a weak run. SAIC Motor Corporation Limited shrank 2.2 percent to 12.40 yuan. Beiqi Foton Motor Co fell 1.2 percent to 6.60 yuan, while Guangzhou Automobile Group Co jumped 4.7 percent to 7.59 yuan.
The benchmark Shanghai Composite Index dived 1.15 percent to 2,143.65 points. Turnover stood at 27.5 billion yuan (US$4.4 billion) by the noon break.
"China's economic growth is likely to further decelerate to 7.4 percent in the third quarter," Song Guoqing, a member of the monetary policy committee of China's central bank, said over the weekend. He also warned that short term deflation could happen and the government should be careful about stimulus measures.
China's economy expanded at 7.6 percent in the second quarter, the slowest pace in three years.
"For now, the downward economic trend still dominates the weakness in the equity market," said Zhongzheng Investment Consulting Co, "The stock market will struggle to find motivation for a rebound until the economic growth starts to recover."
Oil-related stocks dragged the market down. China Oilfield Services Limited lost 0.5 percent to 17.60 yuan. China Petroleum and Chemical Co, China's largest oil refiner, dropped 1.2 percent to 6.01 yuan. PetroChina Co, the second biggest player, retreated 0.9 percent to 8.90 yuan.
Property developers traded bearish on speculation the government will unveil more curb measures on the property market. China Vanke, the nation's biggest developer, fell 1.3 percent to 9.18 yuan. Poly Real Estate, the second largest developer, sank 2 percent to 11.13 yuan. Gemdale Corporation dipped 0.3 percent to 5.87 yuan.
Most automakers posted a weak run. SAIC Motor Corporation Limited shrank 2.2 percent to 12.40 yuan. Beiqi Foton Motor Co fell 1.2 percent to 6.60 yuan, while Guangzhou Automobile Group Co jumped 4.7 percent to 7.59 yuan.
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