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Wen's warning sends shares lower at midday
By Ye Zhen |
July 9, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI shares retreated this morning after Premier Wen Jiabao warned downward pressure in the nation's economy is still high even though the inflation rate in June slowed to a 29-month low.
The Shanghai Composite Index fell 1.12 percent to 2,198.64 points. Turnover stood at 35.1 billion yuan (US$5.6 billion) in the morning session.
The economy is generally steady, but downward pressure still exists, Wen said yesterday during a tour in Jiangsu, damping expectation for an imminent recovery.
The Consumer Price Index rose 2.2 percent in June from a year earlier, the National Bureau of Statistics said today. That eased from 3 percent a month earlier, giving the government greater leeway to ease monetary policy.
The central bank has cut benchmark interest rates twice in a month in a move to shore up the nation's economy that is suffering from the deepest slowdown since the global financial crisis in 2008.
Analysts expect GDP growth in the world's second largest economy to slow to 7.3 percent in the second quarter this year, the lowest since the first quarter of 2009.
Cement producers led the market down after Anhui Conch Cement Co, the country's biggest maker of the building material, said the company's net profit in the first half year may slump 50 percent from a year earlier.
Anhui Conch fell 2.9 percent to 14.15 yuan. Zhejiang Jianfeng Group Co dropped 3.3 percent to 11.04 yuan. Gansu Qilianshan Cement Group Co slumped 3.7 percent to 9.45 yuan.
Coal producers also lost on rising inventory and falling prices. Shanxi Lanhua Sci-Tech Venture Co fell 4.1 percent to 17.78 yuan. Shanxi Lu'an Environmental Energy Development Co tumbled 4.2 percent to 20.35 yuan. China Shenhua Energy Co shed 1.6 percent to 22.24 yuan.
Property developers traded mixed. Poly Real Estate, the nation's second largest developer, rose 2.3 percent to 13.11 yuan. Gemdale Corporation added 1.9 percent to 7.04 yuan. Shanghai Xinmei Real Estate Co fell 0.9 percent to 7.99 yuan.
The Shanghai Composite Index fell 1.12 percent to 2,198.64 points. Turnover stood at 35.1 billion yuan (US$5.6 billion) in the morning session.
The economy is generally steady, but downward pressure still exists, Wen said yesterday during a tour in Jiangsu, damping expectation for an imminent recovery.
The Consumer Price Index rose 2.2 percent in June from a year earlier, the National Bureau of Statistics said today. That eased from 3 percent a month earlier, giving the government greater leeway to ease monetary policy.
The central bank has cut benchmark interest rates twice in a month in a move to shore up the nation's economy that is suffering from the deepest slowdown since the global financial crisis in 2008.
Analysts expect GDP growth in the world's second largest economy to slow to 7.3 percent in the second quarter this year, the lowest since the first quarter of 2009.
Cement producers led the market down after Anhui Conch Cement Co, the country's biggest maker of the building material, said the company's net profit in the first half year may slump 50 percent from a year earlier.
Anhui Conch fell 2.9 percent to 14.15 yuan. Zhejiang Jianfeng Group Co dropped 3.3 percent to 11.04 yuan. Gansu Qilianshan Cement Group Co slumped 3.7 percent to 9.45 yuan.
Coal producers also lost on rising inventory and falling prices. Shanxi Lanhua Sci-Tech Venture Co fell 4.1 percent to 17.78 yuan. Shanxi Lu'an Environmental Energy Development Co tumbled 4.2 percent to 20.35 yuan. China Shenhua Energy Co shed 1.6 percent to 22.24 yuan.
Property developers traded mixed. Poly Real Estate, the nation's second largest developer, rose 2.3 percent to 13.11 yuan. Gemdale Corporation added 1.9 percent to 7.04 yuan. Shanghai Xinmei Real Estate Co fell 0.9 percent to 7.99 yuan.
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