Worries over slowdown pull index lower
By Lu Nengneng |
April 27, 2012, Friday
|
Print Edition
Print Edition
SHANGHAI'S stocks edged down yesterday as investors continued to worry about China's economic slowdown.
The Shanghai Composite Index shed 0.09 percent to end at 2,404.7 points after dropping as much as 0.56 percent in early trading.
Tu Jun, an analyst at Shanghai Securities, said in a note that the recent market rebound was largely fueled by expectations of an easing in macro-economic control measures and that more financing and investment in infrastructure would be made to overcome the economic slowdown.
But investors have been disappointed the central bank hasn't cut the bank reserve requirement ratio, and liquidity concerns pulled banks down despite an estimated 19 percent annual rise in their combined first-quarter profits.
The Industrial and Commercial Bank of China dipped 0.7 percent to 4.39 yuan (70 US cents) and China Construction Bank lost 0.4 percent to 4.79 yuan.
Shanghai New Huang Pu Real Estate sank 3.4 percent to 10.66 yuan and Beijing Huaye Real Estate fell 1.9 percent to finish at 10.76 yuan.
The Shanghai Composite Index shed 0.09 percent to end at 2,404.7 points after dropping as much as 0.56 percent in early trading.
Tu Jun, an analyst at Shanghai Securities, said in a note that the recent market rebound was largely fueled by expectations of an easing in macro-economic control measures and that more financing and investment in infrastructure would be made to overcome the economic slowdown.
But investors have been disappointed the central bank hasn't cut the bank reserve requirement ratio, and liquidity concerns pulled banks down despite an estimated 19 percent annual rise in their combined first-quarter profits.
The Industrial and Commercial Bank of China dipped 0.7 percent to 4.39 yuan (70 US cents) and China Construction Bank lost 0.4 percent to 4.79 yuan.
Shanghai New Huang Pu Real Estate sank 3.4 percent to 10.66 yuan and Beijing Huaye Real Estate fell 1.9 percent to finish at 10.76 yuan.
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