Markets
Stocks slide for first time in seven days
By Zhang Shidong, Irene Shen and Chua Baizhen (China Daily)
Updated: 2011-02-19 10:32
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SHANGHAI - Stocks on the Chinese mainland fell for the first time in seven days, dragging the benchmark index from a two-month high.
The decline came on concern that monetary tightening will hurt growth and after a leading economic index dropped for the first time since 2008.
Anhui Jianghuai Automobile Co slid the most in four weeks after growth in the nation's passenger-car sales slowed. China Shipping Container Lines Co fell from the highest close in 13 months after the price of oil surged. Beijing Capital Development Co led declines by developers.
"The economy is likely to take a hit on the government's tightening measures, for which there's still no end in sight," said Dai Ming, a fund manager at Shanghai Kingsun Investment Management & Consulting Co.
The Shanghai Composite Index lost 0.93 percent to 2899.79 at the 3 pm close on Friday. The gauge climbed 2.6 percent this week. The CSI 300 Index fell 1.05 percent to 3211.88.
Stocks on the index trade at 13.6 times estimated earnings, versus the historical average of 21.4 times, according to data compiled by Bloomberg.
The leading economic index declined 0.5 percent to 154.3 in December from November, according to The Conference Board, a New York-based research organization.
While it's "too early to tell" if a slowdown is looming, "the Chinese economy is unlikely to accelerate sharply in the near term", Jing Sima, an economist for The Conference Board, said. "While the construction and consumer sectors are weakening, growth in the industrial sector remains strong."
Jianghuai Automobile fell 2.43 percent to 12.86 yuan ($1.9), the steepest decline since Jan 24. FAW Car Co retreated 2.51 percent to 17.89 yuan.
China Shipping Container lost 1.13 percent to 5.25 yuan on Friday. China Cosco Holdings Co retreated 1.51 percent to 11.09 yuan.
A gauge tracking property stocks on the Shanghai Composite fell 0.2 percent. Beijing Capital lost 0.68 percent to 15.96 yuan. Guangzhou Donghua Enterprise Co dropped 3.33 percent to 6.38 yuan, the most since Jan 20.
Zijin Mining Group Co paced gains by gold producers after the World Gold Council said China's demand for the metal will surge. Zijin Mining added 0.66 percent to 7.59 yuan. Zhongjin Gold Corp rose 0.7 percent to 36.22 yuan.
China's gold investment demand will grow by between 40 and 50 percent this year, Wang Lixin, the China representative for the World Gold Council, said on Thursday. The country's jewelry demand will expand by between 8 and 10 percent this year, he said.
Bank of China Ltd dropped 0.3 percent to 3.28 yuan. Agricultural Bank of China Ltd declined 0.75 percent to 2.65 yuan.
Bloomberg NewsSHANGHAI - Stocks on the Chinese mainland fell for the first time in seven days, dragging the benchmark index from a two-month high.
The decline came on concern that monetary tightening will hurt growth and after a leading economic index dropped for the first time since 2008.
Anhui Jianghuai Automobile Co slid the most in four weeks after growth in the nation's passenger-car sales slowed. China Shipping Container Lines Co fell from the highest close in 13 months after the price of oil surged. Beijing Capital Development Co led declines by developers.
"The economy is likely to take a hit on the government's tightening measures, for which there's still no end in sight," said Dai Ming, a fund manager at Shanghai Kingsun Investment Management & Consulting Co.
The Shanghai Composite Index lost 0.93 percent to 2899.79 at the 3 pm close on Friday. The gauge climbed 2.6 percent this week. The CSI 300 Index fell 1.05 percent to 3211.88.
Stocks on the index trade at 13.6 times estimated earnings, versus the historical average of 21.4 times, according to data compiled by Bloomberg.
The leading economic index declined 0.5 percent to 154.3 in December from November, according to The Conference Board, a New York-based research organization.
While it's "too early to tell" if a slowdown is looming, "the Chinese economy is unlikely to accelerate sharply in the near term", Jing Sima, an economist for The Conference Board, said. "While the construction and consumer sectors are weakening, growth in the industrial sector remains strong."
China Shipping Container lost 1.13 percent to 5.25 yuan on Friday. China Cosco Holdings Co retreated 1.51 percent to 11.09 yuan.
A gauge tracking property stocks on the Shanghai Composite fell 0.2 percent. Beijing Capital lost 0.68 percent to 15.96 yuan. Guangzhou Donghua Enterprise Co dropped 3.33 percent to 6.38 yuan, the most since Jan 20.
Zijin Mining Group Co paced gains by gold producers after the World Gold Council said China's demand for the metal will surge. Zijin Mining added 0.66 percent to 7.59 yuan. Zhongjin Gold Corp rose 0.7 percent to 36.22 yuan.
China's gold investment demand will grow by between 40 and 50 percent this year, Wang Lixin, the China representative for the World Gold Council, said on Thursday. The country's jewelry demand will expand by between 8 and 10 percent this year, he said.
Bank of China Ltd dropped 0.3 percent to 3.28 yuan. Agricultural Bank of China Ltd declined 0.75 percent to 2.65 yuan.
Bloomberg News
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