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Stocks fall 1.13% in morning trade
By Lu Nengneng |
March 6, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S stock market fell in the morning trade after the target of economic growth for this year was lowered to an 8-year low and continued inflation curbs dimmed the prospect of liquidity easing.
The benchmark Shanghai Composite Index extended yesterday's losses, dropping 1.13 percent to 2,417.29 points. Turnover stood at 58.1 billion yuan (US$ 9.2 billion).
Premier Wen Jiabao said during the annual National People's Congress yesterday that the government expects the domestic gross product to grow 7.5 percent this year, which is 1.7 percentage points down from last year's actual figure and the first time below 8 percent since 2004.
Zhang Ping, head of China's National Development and Reform Commission, added that the government will maintain the inflation rate at 4 percent and take necessary actions to ensure the target is met. The 5.4 percent inflation last year surpassed the 4 percent goal.
Banks declined as market speculation of more easy money was dispelled following the vow to contain price hikes. Industrial and Commercial Bank of China, the country's largest lender, lost 0.69 percent to 4.35 yuan. China Merchants Bank shed 1.55 percent to 12.67 yuan.
Coal miners and metal producers lost heavily as slower growth of the world's second largest economy may dampen demand for their products. Yanzhou Coal Mining slumped 2.29 percent to 25.23 yuan. Jiangxi Copper sank 2.53 percent to 26.59 yuan. Zijing Mining Industry 1.72 percent to 4.56 yuan.
The benchmark Shanghai Composite Index extended yesterday's losses, dropping 1.13 percent to 2,417.29 points. Turnover stood at 58.1 billion yuan (US$ 9.2 billion).
Premier Wen Jiabao said during the annual National People's Congress yesterday that the government expects the domestic gross product to grow 7.5 percent this year, which is 1.7 percentage points down from last year's actual figure and the first time below 8 percent since 2004.
Zhang Ping, head of China's National Development and Reform Commission, added that the government will maintain the inflation rate at 4 percent and take necessary actions to ensure the target is met. The 5.4 percent inflation last year surpassed the 4 percent goal.
Banks declined as market speculation of more easy money was dispelled following the vow to contain price hikes. Industrial and Commercial Bank of China, the country's largest lender, lost 0.69 percent to 4.35 yuan. China Merchants Bank shed 1.55 percent to 12.67 yuan.
Coal miners and metal producers lost heavily as slower growth of the world's second largest economy may dampen demand for their products. Yanzhou Coal Mining slumped 2.29 percent to 25.23 yuan. Jiangxi Copper sank 2.53 percent to 26.59 yuan. Zijing Mining Industry 1.72 percent to 4.56 yuan.
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