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Stocks retreat on slowing China growth data
By Feng Jianmin |
October 18, 2011, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index fell in the morning session after data showed that China's economic growth has been slowing down for three consecutive quarters.
The benchmark Shanghai Composite Index dropped 1.67 percent in the morning session to close at 2,399.58 points. Turnover rose to 39.5 billion yuan (US$ 6.2 billion) from yesterday morning's 33 billion yuan.
China's top statistics bureau said in a report today that China's gross domestic product had risen 9.1 percent in the third quarter from last year, the slowest since 2009. The growth was slower than 9.7 percent in the first quarter and 9.6 percent in the second.
Meanwhile, hopes for a quick solution to Europe's 2-year debt crisis faded after German finance chief Wolfgang Schaeuble said the country would not provide a definitive solution to the crisis by the weekend - the deadline set at a meeting of Group of 20 financial chiefs.
Cement producers led the decliners on concerns that slower economic growth could dampen demand. Jiangxi Wannianqing Cement Co shed 4.5 percent to 14.40 yuan. Henan Tongli Cement Co tumbled 5.4 percent to 13 yuan.
Brokerages fell after data showed that all 17 listed brokerages had made a combined loss of 196 million yuan in September due to the volatile stock market, the official China Securities Journal reported today.
Changjiang Securities Co, the worst performer in September, slid 4 percent to 9.25 yuan after reporting a loss of 148 million yuan. Southwest Securities Co dropped 4.1 percent to 10.94 yuan after posting a similar loss of 146 million yuan.
The benchmark Shanghai Composite Index dropped 1.67 percent in the morning session to close at 2,399.58 points. Turnover rose to 39.5 billion yuan (US$ 6.2 billion) from yesterday morning's 33 billion yuan.
China's top statistics bureau said in a report today that China's gross domestic product had risen 9.1 percent in the third quarter from last year, the slowest since 2009. The growth was slower than 9.7 percent in the first quarter and 9.6 percent in the second.
Meanwhile, hopes for a quick solution to Europe's 2-year debt crisis faded after German finance chief Wolfgang Schaeuble said the country would not provide a definitive solution to the crisis by the weekend - the deadline set at a meeting of Group of 20 financial chiefs.
Cement producers led the decliners on concerns that slower economic growth could dampen demand. Jiangxi Wannianqing Cement Co shed 4.5 percent to 14.40 yuan. Henan Tongli Cement Co tumbled 5.4 percent to 13 yuan.
Brokerages fell after data showed that all 17 listed brokerages had made a combined loss of 196 million yuan in September due to the volatile stock market, the official China Securities Journal reported today.
Changjiang Securities Co, the worst performer in September, slid 4 percent to 9.25 yuan after reporting a loss of 148 million yuan. Southwest Securities Co dropped 4.1 percent to 10.94 yuan after posting a similar loss of 146 million yuan.
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