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Stocks plunge 1.37% on first trading day
By Hu Xiaocen |
January 4, 2012, Wednesday
|
Online Edition
Online Edition
THE Shanghai Composite Index slumped on the first trading day of 2012, as Premier Wen Jiabao sees downside pressure on China's economy and a decline in export orders is fueling worries over new export curbs.
The key stock index plunged 1.37 percent to 2,169.39 points with a turnover of 40.6 billion yuan (US$6.4 billion). The fall was across the board. The oil sector dropped 0.61 percent at the close, erasing its 1.55 percent gain in the morning. The financials plunged 1.77 percent.
"The first quarter may be relatively hard (for the enterprises) across the country," said Premier Wen Jiabao during his visit in Hunan Province. "Compared to the financial crisis of 2008, we are confronted with shrinking external demands and rising costs of companies," he added.
Industrial and Commercial Bank of China fell 0.47 percent to 4.22 yuan. Bank of China dipped 0.34 percent to 2.91 yuan. Citic Bank plunged 1.24 percent to 3.99 yuan.
China's non-manufacturing Purchasing Managers Index released on January 1 showed new export orders increased by 3 percentage points to 48.6 percent in December. The Euro zone PMIs remained below 50 for five months on end, indicating further export curbs are on the way.
A reading above 50 denotes expansion while a reading below 50 means contraction.
COSCO Shipping, China's largest container carrier, slumped 2.91 percent to close at a record-low 4 yuan.
The Business Activities Index of the property market stood at 47.7, the first time below 50 across the year, said CFLP in an announcement posted on its official website. "Developers are pessimistic about the future market. This only happened in the November and December of 2008 during the world financial crisis."
China Vanke, the nation's biggest developer, plunged 1.87 percent to 7.33 yuan today.
The key stock index plunged 1.37 percent to 2,169.39 points with a turnover of 40.6 billion yuan (US$6.4 billion). The fall was across the board. The oil sector dropped 0.61 percent at the close, erasing its 1.55 percent gain in the morning. The financials plunged 1.77 percent.
"The first quarter may be relatively hard (for the enterprises) across the country," said Premier Wen Jiabao during his visit in Hunan Province. "Compared to the financial crisis of 2008, we are confronted with shrinking external demands and rising costs of companies," he added.
Industrial and Commercial Bank of China fell 0.47 percent to 4.22 yuan. Bank of China dipped 0.34 percent to 2.91 yuan. Citic Bank plunged 1.24 percent to 3.99 yuan.
China's non-manufacturing Purchasing Managers Index released on January 1 showed new export orders increased by 3 percentage points to 48.6 percent in December. The Euro zone PMIs remained below 50 for five months on end, indicating further export curbs are on the way.
A reading above 50 denotes expansion while a reading below 50 means contraction.
COSCO Shipping, China's largest container carrier, slumped 2.91 percent to close at a record-low 4 yuan.
The Business Activities Index of the property market stood at 47.7, the first time below 50 across the year, said CFLP in an announcement posted on its official website. "Developers are pessimistic about the future market. This only happened in the November and December of 2008 during the world financial crisis."
China Vanke, the nation's biggest developer, plunged 1.87 percent to 7.33 yuan today.
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