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Stocks slide as slowing imports signal weak domestic demand
By Ye Zhen |
July 10, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks dipped this morning after the nation's imports slowed in June, indicating domestic demand is still weak.
The Shanghai Composite Index edged down 0.53 percent to 2,159.33 points. Turnover stood at 29.7 billion yuan (US$4.7 billion) in morning trading.
China posted a trade surplus of US$31.7 billion in June, the General Administration of Customs said today. That compared with a surplus of US$18.7 billion a month earlier.
Imports dropped 8.9 percent to US$148.4 billion, while exports fell 0.5 percent to US$180.2 billion.
"The data indicate external demand remained but domestic demand for overseas goods declined," securities analyst Chen Zhiyong wrote on his microblog today. "Take into account slowing inflation and China's internal demand is worrying."
Oil providers dived as the National Development and Reform Commission confirmed it would cut refined oil prices tomorrow. China Petroleum and Chemical Co, also known as Sinopec, and China's largest oil refiner, edged down 0.3 percent to 5.78 yuan. PetroChina Co, the second biggest refiner shed 0.3 percent to 8.83 yuan.
Most property developers fell on speculation the government may levy a property tax in more cities. China Vanke, the nation's biggest developer, lost 1.1 percent to 9.55 yuan. Poly Real Estate, the second largest developer, dropped 3.8 percent to 12.50 yuan. Gemdale Corporation sank 3.7 percent to 6.69 yuan.
Media and entertainment companies gained after the government encouraged private investment to enter the cultural industry. Bestv New Media Co rose 1.2 percent to 13.47 yuan. Jiangsu Phoenix Publishing & Media Co added 0.6 percent to 8.38 yuan.
The Shanghai Composite Index edged down 0.53 percent to 2,159.33 points. Turnover stood at 29.7 billion yuan (US$4.7 billion) in morning trading.
China posted a trade surplus of US$31.7 billion in June, the General Administration of Customs said today. That compared with a surplus of US$18.7 billion a month earlier.
Imports dropped 8.9 percent to US$148.4 billion, while exports fell 0.5 percent to US$180.2 billion.
"The data indicate external demand remained but domestic demand for overseas goods declined," securities analyst Chen Zhiyong wrote on his microblog today. "Take into account slowing inflation and China's internal demand is worrying."
Oil providers dived as the National Development and Reform Commission confirmed it would cut refined oil prices tomorrow. China Petroleum and Chemical Co, also known as Sinopec, and China's largest oil refiner, edged down 0.3 percent to 5.78 yuan. PetroChina Co, the second biggest refiner shed 0.3 percent to 8.83 yuan.
Most property developers fell on speculation the government may levy a property tax in more cities. China Vanke, the nation's biggest developer, lost 1.1 percent to 9.55 yuan. Poly Real Estate, the second largest developer, dropped 3.8 percent to 12.50 yuan. Gemdale Corporation sank 3.7 percent to 6.69 yuan.
Media and entertainment companies gained after the government encouraged private investment to enter the cultural industry. Bestv New Media Co rose 1.2 percent to 13.47 yuan. Jiangsu Phoenix Publishing & Media Co added 0.6 percent to 8.38 yuan.
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