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People's Daily Online>>China Business

Chinese stocks fall for second consecutive day

(Xinhua)

16:48, December 27, 2011

BEIJING, Dec. 27 (Xinhua) -- Chinese stocks fell for a second consecutive day Tuesday on concerns over the country's slowing economic growth and tight liquidity measures.

The benchmark Shanghai Composite Index lost 1.09 percent, or 23.9 points, to close at 2,166.21.

The Shenzhen Component Index slipped 1.85 percent, or 164.64 points, to finish at 8,711.55.

Combined turnover rose to 77.52 billion yuan (12.3 billion U.S. dollars) from 72.21 billion yuan the previous trading day.

Losers outnumbered gainers by 855 to 70 in Shanghai, and by 1,279 to 86 in Shenzhen.

The National Bureau of Statistics said Tuesday that net profits for the country's industrial companies rose 24.4 percent year-on-year during the first 11 months of 2011.

The growth rate represented a decrease from the 25.3-percent gain in the first 10 months and the 27-percent increase in the first three quarters, reigniting concerns over the country's economic slowdown in 2012.

Shares of food producers led the declines Tuesday as investors' confidence plunged after Mengniu Dairy Group, one of the country's largest milk producers, was found to have excessive levels of a cancer-causing toxin in its products.

Hangzhou Beingmate Group Co., a baby formula producer, dropped 6.82 percent to 22.95 yuan per share, while Yili Industrial Group saw its shares slide 3.08 percent to 19.18 yuan.

Cement producers also plunged, with Zhejiang Dragon Pipe Manufacturing Co. losing 8.68 percent to close at 13.58 yuan per share. Anhui Conch Cement Co., the country's biggest cement maker, dropped 2.39 percent to finish at 15.11 yuan.

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