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People's Daily Online>>China Business

Stocks suffer 5th day of losses

(Shanghai Daily)

19:34, December 14, 2011

SHANGHAI'S key stock index fell for the fifth consecutive day over worries that China is facing a deeper economic growth slowdown as Europe's debt crisis threatens exports and housing sales are slumping.

Furthermore, the Fed retreated from stimulus policies to boost the US economy after its policy meeting, and left the federal-funds rate unchanged yesterday.

The Shanghai Composite Index fell 0.89 percent to 2,228.53 points. Its earlier rebound in the morning trade was not sustained and the benchmark index continued to slide in the afternoon session and closed at a new low.

A news release by the Conference Board China Center today indicated a dip in the leading economic index by 0.1 percent in October. "The conference board LEI for China declined for the first time since the end of last year in October, and it's six-month growth rate remained lower than mid 2010," reports showed.

Andrew Polk, the conference board's resident economist, further commented on the results release: "The risk of a more substantive slowdown in China's economic growth than anticipated so far is rising amid deteriorating external conditions and domestic real estate tightening."

A report indicated that US retail sales had grown at the slowest pace since June, at a rate of 0.2 percent last month. The market is disappointed by this figure, as retail sales were expected to increase in the holiday season after substantive gains during the previous two months.

Shoppers were probably put off by the high unemployment rate and concerns about the debt crisis, the report stated.

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