Related News
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.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
