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People's Daily Online>>China Business

Market closes down on gloomy economic outlook

(Xinhua)

18:48, December 08, 2011

SHANGHAI'S key stock index ended slightly lower in the afternoon, erasing early gains as the market turned volatile on China's unclear economic outlook.

The Shanghai Composite Index edged down 0.12 percent to 2,329.82 points after the morning fluctuation sent the gauge to the lowest this year. Turnover stood at 49.2 billion yuan (US$7.74 billion).

The reality of a looming economic slowdown sunk in after the Chinese Academy of Social Sciences predicted yesterday that China's gross domestic product would increase 9.2 percent annually by year end, 1.2 percentage points down from last year's growth.

Meanwhile, short-selling forces dominated yuan-US dollar trades that hit the low end of its permitted price range for the seventh day today, indicating foreign capital's weakened confidence in China's economic prospects.

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