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People's Daily Online>>China Business

Agricultural stocks to wither as prices of farm products decline

By Gao Changxin (China Daily)

10:35, December 28, 2011

SHANGHAI - Agriculture stocks have further to fall next year, depressed by declining farm product prices, though some high-tech seed companies might outperform, stock analysts said.

An annual central government rural work conference focusing on boosting agricultural technology failed to lift the agricultural sector on Tuesday. The Shenzhen Stock Exchange's agriculture and forestry index dropped 3.74 percent, or 28.32 points, to 728.17, reversing a gain on Monday.

The conference will map out national policies for agricultural and rural development in 2012. The policies are scheduled to be announced in January.

The China News Service, China's second-largest news agency, reported on Tuesday that the policies would include fiscal support for farming technology.

The sector declined amid a slide of the major Shanghai Composite Index, which dipped 1.09 percent to 2166.20 points, the lowest close since March 2009, after a report showed profit growth for industrial companies in the first 11 months of the year decelerated.

"Agricultural stocks already digested the news," said Zhang Xi, an agriculture analyst with Dalian-based Daton Securities Co Ltd.

"Today they were driven down by the market plunge. Small-cap agricultural stocks are very sensitive to market swings."

Grand Agriseeds Technology Inc led the decline among agricultural companies. It fell 7.72 percent to 19.96 yuan ($3.15).

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