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Uncertainty weighs down Shanghai stocks
By Ye Zhen |
September 11, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks ended lower today due to a bout of profit taking after three days of gains and renewed concern over the country's economic slowdown as indicated by a host of weak data.
The key Shanghai Composite Index fell for the first time in four days, paring 0.67 percent to end at 2,120.55 points, with a daily turnover of 65.8 billion yuan (US$10.4 billion).
Despite a recent rally, the Chinese market still felt a strong downside pressure that mainly comes from a lack of stimulus measures and deteriorating fundamentals, some brokerages said.
China posted an unexpected decrease in imports and a three-year low growth rate in factory output last month, fueling speculation that the country's economy will continue to decelerate in the second half of this year.
Weaker-than-expected data signaled the nation's economy is still in a downside channel with no signs of improvement in the short term, CITIC Securities said in a report.
Cement producers continued a weak run in the afternoon session. Anhui Conch Cement Co, China's biggest cement producer, lost 3.1 percent to 14.98 yuan. Gansu Qilianshan Cement Group Co shed 2.7 percent to 11.31 yuan.
Property developers fell after data showed home sales in major Chinese cities for the week ending September 9 shrank 10.1 percent from a week earlier. Poly Real Estate, the nation's second largest developer, slid 1.5 percent to 10.49 yuan. Gemdale Corporation lost 2.1 percent to 5.24 yuan.
Defense-related stocks surged against the falling index as a territorial dispute between China and Japan over the Diaoyu Islands escalated after the Japanese Cabinet announced to purchase the islands. Asian Star Anchor Chain Co jumped by the daily limit of 10 percent to 9.03 yuan. CSSC Jiangnan Heavy Industry Co advanced 6.8 percent to 16.05 yuan.
The key Shanghai Composite Index fell for the first time in four days, paring 0.67 percent to end at 2,120.55 points, with a daily turnover of 65.8 billion yuan (US$10.4 billion).
Despite a recent rally, the Chinese market still felt a strong downside pressure that mainly comes from a lack of stimulus measures and deteriorating fundamentals, some brokerages said.
China posted an unexpected decrease in imports and a three-year low growth rate in factory output last month, fueling speculation that the country's economy will continue to decelerate in the second half of this year.
Weaker-than-expected data signaled the nation's economy is still in a downside channel with no signs of improvement in the short term, CITIC Securities said in a report.
Cement producers continued a weak run in the afternoon session. Anhui Conch Cement Co, China's biggest cement producer, lost 3.1 percent to 14.98 yuan. Gansu Qilianshan Cement Group Co shed 2.7 percent to 11.31 yuan.
Property developers fell after data showed home sales in major Chinese cities for the week ending September 9 shrank 10.1 percent from a week earlier. Poly Real Estate, the nation's second largest developer, slid 1.5 percent to 10.49 yuan. Gemdale Corporation lost 2.1 percent to 5.24 yuan.
Defense-related stocks surged against the falling index as a territorial dispute between China and Japan over the Diaoyu Islands escalated after the Japanese Cabinet announced to purchase the islands. Asian Star Anchor Chain Co jumped by the daily limit of 10 percent to 9.03 yuan. CSSC Jiangnan Heavy Industry Co advanced 6.8 percent to 16.05 yuan.
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