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Uncertainty over Q2 performance drags down market
By Ye Zhen |
July 12, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI shares slumped this morning amid market uncertainty about China's second-quarter GDP growth due to be released tomorrow.
The benchmark Shanghai Composite Index fell 0.28 percent or 6.03 points to 2,169.35 points. Turnover stood at 34.8 billion yuan (US$5.5 billion) by midday.
"The economy may expand at a pace near or slower than the annual target of 7.5 percent in the first half of this year," said Tang Jianwei, a senior analyst at the Bank of Communications. "The growth rate for the second quarter is likely to be under 7 percent, the lowest level in nine quarters."
China's economy grew by 8.1 percent in the first quarter, the weakest rate since the second quarter of 2009. Although the government has tried to shore up growth, the recent PMI and CPI data showed the world's second largest economy remains sluggish.
Financial institutions fell in the morning trading. China Construction Bank Corporation lost 1.2 percent to 4 yuan. Agricultural Bank of China edged down 0.4 percent to 2.47 yuan. China Merchants Bank slid 1.1 percent to 9.95 yuan.
China Life Insurance, the country's biggest insurer, dropped 3 percent to 18.36 yuan. Ping An Insurance Co, China's second largest insurer, dived 2.3 percent to 44.68 yuan. China Pacific Insurance (Group) Co retreated 2.5 percent to 21.72 yuan.
Citic Securities, the biggest listed brokerage, shed 0.1 percent to 12.41 yuan. Founder Securities Co fell 2.6 percent to 4.55 yuan. Soochow Securities Co lost 1.3 percent to 8.42 yuan.
Property developers were mixed. Poly Real Estate, the second largest developer, slipped 1.1 percent to 12.29 yuan. Gemdale Corporation shrank 1 percent to 6.69 yuan. China Vanke, the nation's biggest developer, added 0.7 percent to 9.47 yuan.
The benchmark Shanghai Composite Index fell 0.28 percent or 6.03 points to 2,169.35 points. Turnover stood at 34.8 billion yuan (US$5.5 billion) by midday.
"The economy may expand at a pace near or slower than the annual target of 7.5 percent in the first half of this year," said Tang Jianwei, a senior analyst at the Bank of Communications. "The growth rate for the second quarter is likely to be under 7 percent, the lowest level in nine quarters."
China's economy grew by 8.1 percent in the first quarter, the weakest rate since the second quarter of 2009. Although the government has tried to shore up growth, the recent PMI and CPI data showed the world's second largest economy remains sluggish.
Financial institutions fell in the morning trading. China Construction Bank Corporation lost 1.2 percent to 4 yuan. Agricultural Bank of China edged down 0.4 percent to 2.47 yuan. China Merchants Bank slid 1.1 percent to 9.95 yuan.
China Life Insurance, the country's biggest insurer, dropped 3 percent to 18.36 yuan. Ping An Insurance Co, China's second largest insurer, dived 2.3 percent to 44.68 yuan. China Pacific Insurance (Group) Co retreated 2.5 percent to 21.72 yuan.
Citic Securities, the biggest listed brokerage, shed 0.1 percent to 12.41 yuan. Founder Securities Co fell 2.6 percent to 4.55 yuan. Soochow Securities Co lost 1.3 percent to 8.42 yuan.
Property developers were mixed. Poly Real Estate, the second largest developer, slipped 1.1 percent to 12.29 yuan. Gemdale Corporation shrank 1 percent to 6.69 yuan. China Vanke, the nation's biggest developer, added 0.7 percent to 9.47 yuan.
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