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Stocks plunge 1.5% in early trade
By Lu Nengneng |
March 28, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S stock market tumbled in the morning trade after manufacturers reported a drop in profit for the first two months this year, stoking fears of China's further economic slowdown.
The key benchmark Shanghai Composite Index sank 1.5 percent to 2,311.9 points. Turnover stood at 40.2 billion yuan (US$6.4 billion).
Profits of Chinese industrial companies dropped 5.2 percent from a year earlier to 606 billion yuan during January and February, the National Bureau of Statistics announced yesterday. Contrasted with the growth of 31.5 percent last December and of 25.4 percent for the whole last year, the decline sent a grim reminder of China's economic downturn.
Raw material producers paced the retreat in the morning amid concerns that the manufacturers' dimmed earning prospects will wane their demand for input materials.
Jiangxi Copper, the country's biggest producer of the metal, slumped 3.52 percent to 25.21 yuan. Aluminum Corporation of China slid 4.26 percent to 6.75 yuan. Anhui Conch Cement shed 2 percent to 15.69 yuan.
China Securities Co said the flash Purchasing Managers' Index, which hit a four-month low of 48.1 in March, struck a bearish note for the material demand of industrial activities in the future, and the market can hardly stage a bullish trend under such circumstances.
The key benchmark Shanghai Composite Index sank 1.5 percent to 2,311.9 points. Turnover stood at 40.2 billion yuan (US$6.4 billion).
Profits of Chinese industrial companies dropped 5.2 percent from a year earlier to 606 billion yuan during January and February, the National Bureau of Statistics announced yesterday. Contrasted with the growth of 31.5 percent last December and of 25.4 percent for the whole last year, the decline sent a grim reminder of China's economic downturn.
Raw material producers paced the retreat in the morning amid concerns that the manufacturers' dimmed earning prospects will wane their demand for input materials.
Jiangxi Copper, the country's biggest producer of the metal, slumped 3.52 percent to 25.21 yuan. Aluminum Corporation of China slid 4.26 percent to 6.75 yuan. Anhui Conch Cement shed 2 percent to 15.69 yuan.
China Securities Co said the flash Purchasing Managers' Index, which hit a four-month low of 48.1 in March, struck a bearish note for the material demand of industrial activities in the future, and the market can hardly stage a bullish trend under such circumstances.
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