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Stocks lose 0.64% on lower GDP growth target
By Hu Xiaocen |
March 5, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI stocks lost on China's lowest economic growth target since 2004.
The Shanghai Composite Index slid 0.64 percent, or 15.69 points to 2,445 at the trading close, with turnover at 107.6 billion yuan (US$17 billion).
Government authorities lowered the GDP growth target to 7.5 percent this year – the first time in 8 years that the projection has been set below 8 percent. The target CPI was set around 4 percent, the same as last year.
Energy producers lost on slowing growth momentum in the world's second-biggest economy. China Petroleum and Chemical Corp, better known as Sinopec and China's largest oil refiner, lost 1.05 percent to 7.57 yuan.
Huaneng Power International, the listed unit of China's largest power group, tumbled 3.64 percent to 5.3 yuan. China Shenhua Energy Co, the nation's largest coal producer, retreated 0.58 percent to 27.65 yuan.
Premier Wen Jiabao also reiterated the "undeviating" control of the property market through affordable housing projects and credit policy differentiation.
"The government will not loosen property curbs. The industry will finally enter the correction period," said Hu Xiaohui, analyst at Datong Securities.
Property developers retreated on Wen's statement. China Vanke Co, the nation's biggest developer slumped 1.39 percent to 8.51 yuan. Poly Real Estate Group, the second-biggest developer slid 1.12 percent to 11.5 yuan.
The Shanghai Composite Index slid 0.64 percent, or 15.69 points to 2,445 at the trading close, with turnover at 107.6 billion yuan (US$17 billion).
Government authorities lowered the GDP growth target to 7.5 percent this year – the first time in 8 years that the projection has been set below 8 percent. The target CPI was set around 4 percent, the same as last year.
Energy producers lost on slowing growth momentum in the world's second-biggest economy. China Petroleum and Chemical Corp, better known as Sinopec and China's largest oil refiner, lost 1.05 percent to 7.57 yuan.
Huaneng Power International, the listed unit of China's largest power group, tumbled 3.64 percent to 5.3 yuan. China Shenhua Energy Co, the nation's largest coal producer, retreated 0.58 percent to 27.65 yuan.
Premier Wen Jiabao also reiterated the "undeviating" control of the property market through affordable housing projects and credit policy differentiation.
"The government will not loosen property curbs. The industry will finally enter the correction period," said Hu Xiaohui, analyst at Datong Securities.
Property developers retreated on Wen's statement. China Vanke Co, the nation's biggest developer slumped 1.39 percent to 8.51 yuan. Poly Real Estate Group, the second-biggest developer slid 1.12 percent to 11.5 yuan.
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