InfoAnda - China shares fall as stimulus plan optimism wanes

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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: China shares fall as stimulus plan optimism wanes AP - Wednesday, November 12 SHANGHAI, China - Chinese shares fell Tuesday as optimism about the government's multibillion dollar stimulus package gave way to renewed caution about the economy and profit-taking, with losses led by financial stocks and other heavyweights. The benchmark Shanghai Composite Index closed down 1.7 percent, or 31.19 points, to 1843.61 in thin trading. The Shenzhen Composite Index for China's smaller second exchange dropped 0.6 percent to 494.54. "The package encouraged pessimistic investors yesterday, but it usually at least takes three months for policies to be implemented. And anything could happen during the period," said Xu Zhiyuan, analyst for Capital Edge Investment & Management. "Investors preferred to pull out and watch the situation more after getting in." Investors also worried that falling inflation could turn to deflation, analysts said. The government reported Tuesday that consumer prices rose 4 percent in October from the year-earlier period, down from a 4.3 percent rate in September. Industrial & Commercial Bank of China Ltd., China's biggest commercial lender, fell 1.8 percent to 3.92 yuan. Bank of China Ltd. lost 1.5 percent to 3.24 yuan, and China Construction Bank Ltd. dropped 0.9 percent to 4.35 yuan. Ping An Insurance Ltd. gave up 2.4 percent to 25.82 yuan after the company said it had no plans yet to raise new money, a move that analysts had said would indicate it believed the global economic downturn had reached its lowest point. China Life Insurance, the country's biggest life insurer, sank 3.8 percent to 19.9 yuan. Sinopec, or China Petroleum & Chemical Corp., Asia's biggest refiner by volume, tumbled 3.4 percent to 7.34 yuan. China's biggest oil producer, PetroChina Ltd., fell 2.1 percent to 10.99 yuan. Construction-related shares bucked the trend as the government's stimulus package promised more spending on infrastructure. Hebei Taihang Cement Co. surged by the daily limit of 10 percent for a fifth straight day to 3.82 yuan, and China Railway Erju Ltd. gained 5.4 percent to 7.37 yuan. Real Estate giant China Vanke Ltd., rose 2.3 percent to 6.27 yuan, and rival Poly Real Estate Group, jumped 3.1 percent to 14.54 yuan. On currency markets, China's yuan was traded 6.8273 against the U.S. dollar late Tuesday afternoon, down from Monday's close of 6.8266. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy TOPWRAP 5-Grim economy data throws spotlight on crisis summitReuters - 1 hour 1 minute ago China posts record trade surplus, despite global turmoilAFP - 1 hour 6 minutes ago Oil falls to $60 as China spending optimism wanesAP - 1 hour 24 minutes ago China: Protecting domestic economy is top priorityAP - 1 hour 27 minutes ago Related Articles: Business FTSE 100 down 102.36 at 4,301.56AP - 40 minutes ago Macau leader: No plans to help Sands' financingAP - 47 minutes ago Bertelsmann increases 9 month net profitAP - 49 minutes ago India's Reliance Pet may begin fuel exports in AprilReuters - 51 minutes ago Thai Shin Corp Q3 net profit surges, meets forecastReuters - 52 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed In Obama's victory, Americans see legacy of Lincoln Britney Spears's son hospitalized: statement US expands record bailout of insurance giant AIG AIDS vaccines: New hope for problem-plagued path MP3 earphones can hamper defibrillators, pacemakers View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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