Stocks fall on fears over Europe debt
By Hu Xiaocen |
June 13, 2012, Wednesday
|
Print Edition
Print Edition
SHANGHAI stocks retreated yesterday as Europe's debt crisis eroded investors' appetite for risk, with the Shanghai Composite Index shedding 0.7 percent to 2,289.79 points.
Investors worried that Italy may be the next to succumb after Spain's bailout. Italy released data this week confirming it's in a recession.
Coal producers slumped on concerns the deteriorating financial woes will further drag down the global economy. Haitong Securities said coal demand remained in the doldrums, indicated by continuing low prices and high inventory levels.
China Shenhua Energy Co, the nation's largest coal producer, tumbled 2.4 percent to 23.59 yuan (US$3.70). Yanzhou Coal Mining Co retreated 1.6 percent and Shanxi Coal International Energy Group Co plunged 3.1 percent.
Essence Securities said in a report yesterday: "The A-share market performed weakly after the interest rate cut, leading to a cautious investors' sentiment."
Lenders fell on smaller interest rate margins and higher risks, after China widened the floating range for deposit rates and cut benchmark lending rates.
China Construction Bank, the nation's second-biggest lender, lost 0.7 percent to 4.42 yuan. The Bank of China, the third-biggest lender, shed 0.3 percent to 3.01 yuan. China Merchants Bank slumped 1.3 percent to 10.81 yuan.
"The A-share market has never encountered a real bull market in the past 20 years, because its performance merely reflected the rapid growth of China's economy since the reform and opening up. The real bull market will arrive on the completion of financial market transition," the Essence Securities report said.
Investors worried that Italy may be the next to succumb after Spain's bailout. Italy released data this week confirming it's in a recession.
Coal producers slumped on concerns the deteriorating financial woes will further drag down the global economy. Haitong Securities said coal demand remained in the doldrums, indicated by continuing low prices and high inventory levels.
China Shenhua Energy Co, the nation's largest coal producer, tumbled 2.4 percent to 23.59 yuan (US$3.70). Yanzhou Coal Mining Co retreated 1.6 percent and Shanxi Coal International Energy Group Co plunged 3.1 percent.
Essence Securities said in a report yesterday: "The A-share market performed weakly after the interest rate cut, leading to a cautious investors' sentiment."
Lenders fell on smaller interest rate margins and higher risks, after China widened the floating range for deposit rates and cut benchmark lending rates.
China Construction Bank, the nation's second-biggest lender, lost 0.7 percent to 4.42 yuan. The Bank of China, the third-biggest lender, shed 0.3 percent to 3.01 yuan. China Merchants Bank slumped 1.3 percent to 10.81 yuan.
"The A-share market has never encountered a real bull market in the past 20 years, because its performance merely reflected the rapid growth of China's economy since the reform and opening up. The real bull market will arrive on the completion of financial market transition," the Essence Securities report said.
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