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Shanghai shares fall 0.6 pct in intraday trading
http://www.ecns.cn/business/2013/04-17/59285.shtml
Apr 17th 2013, 04:45
2013-04-17 13:45
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Shanghai stocks declined this morning, dragged by financials and homebuilders and a gloomy view of China's economic recovery.
The key Shanghai Composite Index lost 0.64 percent to 2,180.70 points by midday with a turnover of 32.2 billion yuan (US$5.2 billion).
"The market is likely to continue the weak run in the short term as its major support from economic recovery has waned," Wang Ping, an analyst at Dongxing Securities, said in a note today.
The International Monetary Fund yesterday trimmed its forecast for China's economic growth in 2013 from 8.1 percent to 8 percent and from 8.5 percent to 8.2 percent for 2014.
Lenders slumped. China Merchants Bank lost 3.8 percent to 9.16 yuan. Industrial Bank Co dropped 2.1 percent to 16.93 yuan. Shanghai Pudong Development Bank Co shed 1.7 percent to 9.57 yuan.
Most property developers fell. Poly Real Estate, China's second-largest developer, shrank 1.4 percent to 12.28 yuan. Gemdale Corporation slid 1.3 percent to 7.32 yuan.
Cement producers also decreased after data from Ccement.com showed the gross profit of 15 listed cement companies tumbled to 11.6 billion yuan last year from 21.2 billion yuan in 2011.
Anhui Conch Cement Co, the biggest cement producer in China, lost 0.6 percent to 18.76 yuan. Gansu Qilianshan Cement Group Co fell 2.1 percent to 11.45 yuan. Shaanxi Qinling Cement(Group) Co dropped 1.5 percent to 6.08 yuan.
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