Related News
Stocks fall as investors worry slowdown is intensifying
By Ye Zhen |
May 31, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks fell this morning on lowered expectations for another massive stimulus package and intensified worries over economic growth ahead as data from the Purchasing Managers Index will be released tomorrow.
The benchmark Shanghai Composite Index lost 0.5 percent, or 11.01 points to 2,373.66 points. Turnover stood at 40.6 billion yuan (US$6.4 billion) in morning trading.
The State Council hasn't ordered an increase in credit supply and it's unlikely to do so this year, Bank of China Governor Li Lihui said yesterday, further damping speculation of a stimulus package.
The Chinese government required banks to increase lending in 2008 when it rolled out a 4 trillion yuan stimulus plan in response to the global financial crisis.
Two key Purchasing Managers Index are set to be released tomorrow.
China's official Manufacturing Purchasing Managers Index in May is expected to drop to 51.5, which is down from a 13-month high of 53.3 in April, according to a poll of 10 economists, fueling concern the economic slowdown is deepening.
HSBC's Flash China Purchasing Managers Index, the earliest available indicator of China's industrial sector, fell to 48.7 in May, compared with 49.3 in April.
Building materials producers led the market down in the morning session. Ningxia Building Materials Group Co dropped 2.5 percent to 12.33 yuan. Xinjiang Qingsong Building Materials lost 3.6 percent to 14.66 yuan.
Coal producers also fell. China Shenhua Energy Company lost 1.7 percent to 25.99 yuan. Yang Quan Coal Industry (Group) Co dropped 1.6 percent to 19.15 yuan.
The environmental sector continued its strong run on government incentives. Beijing Capital Co, a company specializing in wastewater disposal, added 0.2 percent to 5.53 yuan. Tianjin Capital Environmental Protection Group Co gained 1 percent to 5.91 yuan.
The benchmark Shanghai Composite Index lost 0.5 percent, or 11.01 points to 2,373.66 points. Turnover stood at 40.6 billion yuan (US$6.4 billion) in morning trading.
The State Council hasn't ordered an increase in credit supply and it's unlikely to do so this year, Bank of China Governor Li Lihui said yesterday, further damping speculation of a stimulus package.
The Chinese government required banks to increase lending in 2008 when it rolled out a 4 trillion yuan stimulus plan in response to the global financial crisis.
Two key Purchasing Managers Index are set to be released tomorrow.
China's official Manufacturing Purchasing Managers Index in May is expected to drop to 51.5, which is down from a 13-month high of 53.3 in April, according to a poll of 10 economists, fueling concern the economic slowdown is deepening.
HSBC's Flash China Purchasing Managers Index, the earliest available indicator of China's industrial sector, fell to 48.7 in May, compared with 49.3 in April.
Building materials producers led the market down in the morning session. Ningxia Building Materials Group Co dropped 2.5 percent to 12.33 yuan. Xinjiang Qingsong Building Materials lost 3.6 percent to 14.66 yuan.
Coal producers also fell. China Shenhua Energy Company lost 1.7 percent to 25.99 yuan. Yang Quan Coal Industry (Group) Co dropped 1.6 percent to 19.15 yuan.
The environmental sector continued its strong run on government incentives. Beijing Capital Co, a company specializing in wastewater disposal, added 0.2 percent to 5.53 yuan. Tianjin Capital Environmental Protection Group Co gained 1 percent to 5.91 yuan.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
