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Weak export data cripple Shanghai index
By Feng Jianmin |
June 10, 2011, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock index fell for the second day after China's customs revealed slower-than-expected growth of exports.
The Shanghai Composite Index dipped 0.2 percent to 2,697.99 points. Turnover was 43.6 billion yuan (US$6.7 billion).
Data by China's customs showed that exports rose 16.6 percent in May from a year earlier, slower than an expected 21 percent. Import grew 28.4 percent, faster than market expectations of 22.5 percent.
Wang Jianhui, an economist with Southeast Securities, said that the weak export was due to a drop in domestic production as result of shortage of power and capital.
Car makers led the decliners after data showed that sales of automobiles dipped 4 percent in May and production was down 3.2 percent from a year earlier. SAIC Motor Co dropped 1.6 percent to 17.09 yuan.
An index measuring Shanghai's US dollar-denominated B shares extended yesterday's tumble by dropping another 5.6 percent in the morning session.
Zhang Gang, an analyst with Central China Securities, attributed the drop to the upcoming launch of the international board and recent tumbles of Chinese companies listed in the United States.
The Shanghai Composite Index dipped 0.2 percent to 2,697.99 points. Turnover was 43.6 billion yuan (US$6.7 billion).
Data by China's customs showed that exports rose 16.6 percent in May from a year earlier, slower than an expected 21 percent. Import grew 28.4 percent, faster than market expectations of 22.5 percent.
Wang Jianhui, an economist with Southeast Securities, said that the weak export was due to a drop in domestic production as result of shortage of power and capital.
Car makers led the decliners after data showed that sales of automobiles dipped 4 percent in May and production was down 3.2 percent from a year earlier. SAIC Motor Co dropped 1.6 percent to 17.09 yuan.
An index measuring Shanghai's US dollar-denominated B shares extended yesterday's tumble by dropping another 5.6 percent in the morning session.
Zhang Gang, an analyst with Central China Securities, attributed the drop to the upcoming launch of the international board and recent tumbles of Chinese companies listed in the United States.
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