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Stocks tumble at midday over economic growth fears
By Ye Zhen |
June 4, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI stocks plunged this morning amid rising fears about the nation's economy as the service sector expanded slower in May, and on speculation the government may speed up the launch of an international board.
The benchmark Shanghai Composite Index tumbled 1.78 percent, or 42.19 points to 2,331.25 points. Turnover stood at 47.4 billion yuan (US$7.5 billion) in the morning session.
China's service Purchasing Managers Index in May fell to 55.2, compared with 56.1 in April and 58 in March, the National Statistics Bureau and the China Federation of Logistics and Purchasing said yesterday.
The data came after surveys last week showed the country's manufacturing sector turned in the weakest performance this year, signaling the economic slowdown is spreading.
The government plans to allow foreign institutions to enter the nation's capital market with yuan-denominated assets, according to a joint statement released by eight ministries, spurring speculation the government may accelerate the launch of an international board in Shanghai, where foreign companies can list yuan-denominated shares.
Lenders and insurers both slumped. Industrial and Commercial Bank of China Ltd, the nation's largest lender, shed 1.2 percent to 4.19 yuan. China Merchants Bank Co fell 1.5 percent to 11.49 yuan.
China Life Insurance, the country's biggest insurer, dropped 3.4 percent to 16.98 yuan. Ping An Insurance Co, China's second largest insurer, lost 3 percent to 40.90 yuan.
Cement producers led the market down. Anhui Conch Cement Co, the biggest Chinese cement producer, dropped 3.1 percent to 16.78 yuan. Zhejiang Jianfeng Group Co, a producer of cement, slumped 3.8 percent to 13.45 yuan.
The benchmark Shanghai Composite Index tumbled 1.78 percent, or 42.19 points to 2,331.25 points. Turnover stood at 47.4 billion yuan (US$7.5 billion) in the morning session.
China's service Purchasing Managers Index in May fell to 55.2, compared with 56.1 in April and 58 in March, the National Statistics Bureau and the China Federation of Logistics and Purchasing said yesterday.
The data came after surveys last week showed the country's manufacturing sector turned in the weakest performance this year, signaling the economic slowdown is spreading.
The government plans to allow foreign institutions to enter the nation's capital market with yuan-denominated assets, according to a joint statement released by eight ministries, spurring speculation the government may accelerate the launch of an international board in Shanghai, where foreign companies can list yuan-denominated shares.
Lenders and insurers both slumped. Industrial and Commercial Bank of China Ltd, the nation's largest lender, shed 1.2 percent to 4.19 yuan. China Merchants Bank Co fell 1.5 percent to 11.49 yuan.
China Life Insurance, the country's biggest insurer, dropped 3.4 percent to 16.98 yuan. Ping An Insurance Co, China's second largest insurer, lost 3 percent to 40.90 yuan.
Cement producers led the market down. Anhui Conch Cement Co, the biggest Chinese cement producer, dropped 3.1 percent to 16.78 yuan. Zhejiang Jianfeng Group Co, a producer of cement, slumped 3.8 percent to 13.45 yuan.
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