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People's Daily Online>>China Business

Slumping index ends down for fifth day

(Shanghai Daily)

14:33, December 15, 2011

Shanghai's stock market yesterday fell for the fifth consecutive day after China indicated there were no plans to ease its monetary policy.

The Shanghai Composite Index, erasing an early rebound, fell 0.9 percent to close 2,228.53 points, the lowest level in 33 months.

China will maintain a proactive fiscal policy and a prudent monetary policy in 2012, said an official statement released yesterday on conclusion of the three-day Central Economic Work Conference in Beijing, as the country pledged to seek faster economic restructuring based on stable growth and stable inflation.

"The tone of next year's monetary policy has upset investors, as China will still focus on macro-economic controls and stabilizing consumer prices," said Wang Xuan, an investment manager with Changjiang Securities. "Some disappointed investors opted for selling in the afternoon session, resulting in a faster slump in the index."

Conference Board said in a report yesterday that the risk of a more substantive slowdown in China's economic growth is rising amid deteriorating external conditions and domestic real estate tightening.

Property developers and banks were weak. Poly Real Estate Group, China's second-largest developer by market value, declined 2.1 percent to 9.38 yuan (US$1.47). The Industrial and Commercial Bank of China fell 1 percent to 4.11 yuan.

Power plants outperformed after recent increase in electricity tariff and a cap over coal prices. SDIC Huajing Power Holdings Co rose 2 percent to 5.64 yuan.

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