Slower rise in output casts cloud on index
SHANGHAI stocks fell over 1 percent yesterday on worries over China's slowing growth in industrial output.
The Shanghai Composite index tumbled 1.68 percent, the most in three weeks, to end at 2,291.90, erasing its previous three-day gains.
"The slowdown of the global economy, deeper European sovereign debt crisis, and rising costs of production factors will further drag down China's industrial growth in the first quarter." Zhu Hongren, chief engineer at the Ministry of Industry and Information Technology, said in Beijing yesterday.
Metal producers lost on weaker demand. Jiangxi Cooper, China's largest producer of the metal, fell 1.6 percent to 24.80 yuan. Tongling Nonferrous Metals, the No. 2 smelter, shed 1.6 percent to 19.75 yuan. Inner Mongolia Baotou Steel Rare-earth Hi-tech Co tumbled 2.3 percent to 44.55 yuan.
The Industrial And Commercial Bank of China, the nation's largest bank, lost 1.8 percent to 4.33 yuan.
The Bank of China slid 1 percent to 3 yuan and China Merchants Bank lost 1 percent to close at 12.73 yuan.
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