Worries pull index to a 10-week low
By Lu Nengneng |
March 30, 2012, Friday
|
Print Edition
Print Edition
SHANGHAI'S stock market yesterday fell to a 10-week low as investor sentiment remained weak amid a looming economic downturn.
The Shanghai Composite Index fell 1.4 percent to 2,252.16 points, the lowest close since January 16.
The market turbulence that started four weeks ago has pared nearly two-thirds of the gains made by the index from a previous seven-week rally.
Investor worries over China's economic slowdown deepened after 246 listed companies posted a 17-22 percent quarterly drop in their first-quarter earnings estimates as of Wednesday. Market observers also predicted another slump in yuan funds accumulated from foreign exchange this month.
Lu Zhengwei, chief economist at the Industrial Bank, said the Consumer Price Index, a key gauge of inflation, may rise 3.5 percent from a year earlier in March, up 0.3 percentage point from February. China's economic growth may continue to ease in the first quarter to 8.6 percent, from 8.9 percent in the fourth quarter last year.
Material producers fell the most on worries about an oversupply if China's economy continues its downward track.
Jiangxi Copper tumbled 3.4 percent to 23.85 yuan (US$3.79), Zijin Mining Industry sank 2.6 percent to 4.10 yuan, and Yanzhou Coal Mining shrank 4.4 percent to 22.19 yuan. Sinopec, Asia's largest refiner, shed 1.6 percent to 9.71 yuan.
The Shanghai Composite Index fell 1.4 percent to 2,252.16 points, the lowest close since January 16.
The market turbulence that started four weeks ago has pared nearly two-thirds of the gains made by the index from a previous seven-week rally.
Investor worries over China's economic slowdown deepened after 246 listed companies posted a 17-22 percent quarterly drop in their first-quarter earnings estimates as of Wednesday. Market observers also predicted another slump in yuan funds accumulated from foreign exchange this month.
Lu Zhengwei, chief economist at the Industrial Bank, said the Consumer Price Index, a key gauge of inflation, may rise 3.5 percent from a year earlier in March, up 0.3 percentage point from February. China's economic growth may continue to ease in the first quarter to 8.6 percent, from 8.9 percent in the fourth quarter last year.
Material producers fell the most on worries about an oversupply if China's economy continues its downward track.
Jiangxi Copper tumbled 3.4 percent to 23.85 yuan (US$3.79), Zijin Mining Industry sank 2.6 percent to 4.10 yuan, and Yanzhou Coal Mining shrank 4.4 percent to 22.19 yuan. Sinopec, Asia's largest refiner, shed 1.6 percent to 9.71 yuan.
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