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Chinese stocks carry drop into second day

By Wang Fei'er  (Global Times)

07:29, June 01, 2012

Both the Shanghai and Shenzhen stock markets recorded slight drops Thursday thanks to a raft of mixed news, which included both word of a new government push to bolster key strategic sectors and the release of disappointing reports from the infrastructure and real estate industries.

The Shanghai Composite Index fell 0.52 percent, or 12.43 points, to close at 2,372.23, and the Shenzhen Component Index shed 0.21 percent, or 20.93 points, to finish at 10,141.41.

Mainland bourses opened low Thursday following slumps in the US and European stock markets overnight, with drops in the steel and real estate sectors weighing down Chinese markets.

As unsold home inventories mount for developers and a growing number of infrastructure projects sink into debt, real estate firms and steel mills saw their stocks languish Thursday, largely shrugging off recent pledges from the government to support economic growth.

Late Wednesday, the State Council announced a plan to promote seven of the country's strategic sectors - including pharmaceuticals, energy sources and new technologies - by 2015, giving stocks in these sectors a nudge.

The combined turnover of the Shanghai Composite and Shenzhen Component totaled 152.36 billion yuan ($23.92 billion), down 5.69 percent compared with Wednesday.

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