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Stocks slide as quick rebound unlikely
By Ye Zhen |
June 25, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI stocks traded lower this morning, dogged by signs the nation's economy is unlikely to rebound in the next quarter.
The Shanghai Composite Index shed 0.56 percent to 2,248.23 points. Turnover stood at 25.7 billion yuan (US$4.1 billion) in morning trading.
"Considering the 8.1 percent growth rate in the first quarter, it's difficult for the economy to achieve a notable rebound this year. There will be expectations for the economy to bottom out and then pick up in the second half of the year, but it takes longer for policies including tax reductions to take effect," Northeast Securities Co said in a report today.
A preliminary reading of the HSBC China Purchasing Managers Index dropped to 48.1 in June, the lowest in seven months, indicating manufacturing activity at private firms may continue to contract.
Coal producers continued a weak run on rising inventory and falling prices. Shanxi Lanhua Sci-Tech Venture Co slumped 4.5 percent to 18.58 yuan. Shanxi Lu'an Environmental Energy Development Co fell 3.8 percent to 21.00 yuan. Guizhou Panjiang Refined Coal Co dropped 4.8 percent to 25.96 yuan.
Water conservancy related stocks gained after the National Development and Reform Commission said the government will increase investment in water conservation projects during the five-year plan covering 2011 to 2015.
Anhui Water Resources Development Co added 0.9 percent to 13.89 yuan. Chongqing Three Gorges Water Conservancy and Electric Power Co edged up 0.4 percent to 13.71 yuan.
The Shanghai Composite Index shed 0.56 percent to 2,248.23 points. Turnover stood at 25.7 billion yuan (US$4.1 billion) in morning trading.
"Considering the 8.1 percent growth rate in the first quarter, it's difficult for the economy to achieve a notable rebound this year. There will be expectations for the economy to bottom out and then pick up in the second half of the year, but it takes longer for policies including tax reductions to take effect," Northeast Securities Co said in a report today.
A preliminary reading of the HSBC China Purchasing Managers Index dropped to 48.1 in June, the lowest in seven months, indicating manufacturing activity at private firms may continue to contract.
Coal producers continued a weak run on rising inventory and falling prices. Shanxi Lanhua Sci-Tech Venture Co slumped 4.5 percent to 18.58 yuan. Shanxi Lu'an Environmental Energy Development Co fell 3.8 percent to 21.00 yuan. Guizhou Panjiang Refined Coal Co dropped 4.8 percent to 25.96 yuan.
Water conservancy related stocks gained after the National Development and Reform Commission said the government will increase investment in water conservation projects during the five-year plan covering 2011 to 2015.
Anhui Water Resources Development Co added 0.9 percent to 13.89 yuan. Chongqing Three Gorges Water Conservancy and Electric Power Co edged up 0.4 percent to 13.71 yuan.
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