China stocks fall on economic uncertainty

16:21, August 03, 2010      

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China's stock markets declined on Tuesday on profit-taking, as investors were spooked by a tapering-off of the country's economic growth in late 2010.

Shares of banks, insurers, real estate developers and energy led the decline.

The benchmark Shanghai Composite Index shed 45.51 points, or 1.7 percent, to close at 2,627 points. The Shenzhen Composite Index for China's smaller second exchange lost 1.7 percent to close at 1,078.98 points.

Investors turned cautious after indicators including a manufacturing survey released this week showed growth sliding. On Monday, the PMI index for gauging economic activity dropped to 51.2 percent in July from 52.1 percent from the previous month.

Agricultural Bank of China Ltd. lost 2.5 percent to 2.73 yuan. Industrial & Commercial Bank of China Ltd., and China Construction Bank Ltd., China's biggest two commercial lenders both fell 1.6 percent -- ICBC to 4.3 yuan and CCB to 4.92 yuan.
Real estate shares lost ground after news reports quoted a housing ministry official as saying government curbs on mortgage lending will remain in place. Poly Real Estate Group, China's second-biggest property developer, dropped by 1.3 percent to 13.3 yuan.

PetroChina Ltd., Asia's biggest oil and gas producer, slipped 1.3 percent to 10.62 yuan.

By People's Daily Online


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