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Stocks fall as China plans for Greece's possible eurozone exit
By Ye Zhen |
June 5, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks edged down this morning on the news that China is making plans to deal with Greece's possible exit from the eurozone, raising concern Europe's debt crisis may deepen the nation's economic slowdown.
The benchmark Shanghai Composite Index fell 0.08 percent, or 1.87 points to 2,306.68 points. Turnover stood at 36.8 billion yuan (US$5.8 billion) in the morning session.
The Chinese government has convened relevant authorities to discuss plans in responding to Greece's possible exit from the single currency union, Reuters reported yesterday, citing three unnamed sources familiar with the matter.
The plans include measures to keep the stability of the yuan, increase supervision on cross-border capital flow and further introduce policies to maintain domestic economic growth, a source said.
Non-ferrous metal producers led the market down. Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co lost 1.5 percent to 44.54 yuan. Rising Nonferrous Metals Share Co slumped 3 percent to 74.68 yuan.
Cement producers continued a weak run as speculation cooled about the approval of more construction projects. Anhui Conch Cement Co, the biggest Chinese cement producer, shed 0.4 percent to 16.50 yuan. Zhejiang Jianfeng Group Co lost 1.3 percent to 13.20 yuan.
Property developers were mixed in morning trading. Poly Real Estate, the nation's second largest developer, gained 1 percent to 13.38 yuan, while Gemdale Corporation fell 0.6 percent to 6.80 yuan.
The benchmark Shanghai Composite Index fell 0.08 percent, or 1.87 points to 2,306.68 points. Turnover stood at 36.8 billion yuan (US$5.8 billion) in the morning session.
The Chinese government has convened relevant authorities to discuss plans in responding to Greece's possible exit from the single currency union, Reuters reported yesterday, citing three unnamed sources familiar with the matter.
The plans include measures to keep the stability of the yuan, increase supervision on cross-border capital flow and further introduce policies to maintain domestic economic growth, a source said.
Non-ferrous metal producers led the market down. Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co lost 1.5 percent to 44.54 yuan. Rising Nonferrous Metals Share Co slumped 3 percent to 74.68 yuan.
Cement producers continued a weak run as speculation cooled about the approval of more construction projects. Anhui Conch Cement Co, the biggest Chinese cement producer, shed 0.4 percent to 16.50 yuan. Zhejiang Jianfeng Group Co lost 1.3 percent to 13.20 yuan.
Property developers were mixed in morning trading. Poly Real Estate, the nation's second largest developer, gained 1 percent to 13.38 yuan, while Gemdale Corporation fell 0.6 percent to 6.80 yuan.
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