中 国 经 济 情 况 恶 化 with the benchmark index set for its lowest close since April 2009, on signs growth is slowing as the government maintains measures to curb inflation and overseas demand for exports falters.
China’s Stocks Sink to April 2009 Low as Quarterly Losses Mount
September 29, 2011, 11:49 PM EDT
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China Stocks Decline to 14-Month Low on Concern Economy to Slow
By Bloomberg News
Sept. 30 (Bloomberg) -- China’s stocks fell, with the benchmark index set for its lowest close since April 2009, on signs growth is slowing as the government maintains measures to curb inflation and overseas demand for exports falters.
Anhui Conch Cement Co. and Sany Heavy Industry Co. paced a decline by construction-related stocks after a manufacturing gauge contracted for a third month. Tongling Nonferrous Metals Group Co. led a retreat by commodity producers as metal prices fell. China’s markets will be closed next week for holidays.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, dropped 13.80 points, or 0.6 percent, to 2,351.54 as of 11:02 a.m. local time. The CSI 300 Index lost 0.4 percent to 2,577.87.
“Next quarter may seen a lot of companies revising down their earnings forecasts amid the slowdown in the economy,” said Wu Kan, a fund manager at Dazhong Insurance Co., which oversees $285 million. “We are pretty cautious ahead of the weeklong holiday because the risk of the Europe’s debt crisis is still there.”
The Shanghai Composite has sunk 15 percent this quarter, set for the biggest loss since the three months to June 2010, amid concern Greece will default on its debt. The index has tumbled 16 percent this year as the government raised interest rates and reserve-requirement ratios for banks to cool inflation that’s at the highest level in almost three years.
The stock measure is valued at 10.9 times estimated profit, the lowest level on record, according to weekly data compiled by Bloomberg.
--Zhang Shidong. Editors: Richard Frost, Darren Boey
To contact Bloomberg News staff for this story: Zhang Shidong in Shanghai at firstname.lastname@example.org
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