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Response to Tansy_Gold (Original post)

Mon Aug 13, 2012, 05:43 AM

7. China’s Stocks Drop Most In Month On Growth, Policy Concerns

http://www.bloomberg.com/news/2012-08-13/china-s-stock-futures-drop-on-economic-growth-earnings-concerns.html

China’s stocks fell by the most in almost a month after Bank of America Corp. cut its economic growth forecasts for China and on speculation the government won’t loosen monetary policy as property prices rebound.
Anhui Conch Cement Co. (SHCOMP) led declines for construction material stocks after Bank of America joined Deutsche Bank AG and Barclays Plc in reducing growth forecasts for China. China Vanke Co. and Poly Real Estate Group Co. slid more than 4 percent after the Financial News said the central bank is being “cautious” in reducing banks’ reserve-requirement ratios to prevent home prices from rising further. Citic Securities Co. and Haitong Securities Co Ltd. (600837) plunged more than 8 percent on concern that a weak stock market will hurt brokerage earnings.
“Investors lack confidence in the market,” said Xu Shengjun, an analyst at Jianghai Securities Co. in Shanghai. “With bad economic data last week and more bad earnings, the market is set to continue falling. People are disappointed there are no new stimulus measures and the chance of major measures are unlikely.”
The Shanghai Composite Index fell 1.5 percent to 2,136.08 at the close, the biggest decline since July 16. The CSI 300 Index (SHSZ300) lost 2 percent to 2,351.93. The Hang Seng China Enterprises Index (HSCEI) of Chinese companies traded in Hong Kong retreated 0.8 percent. The Bloomberg China-US 55 Index (CH55BN), the measure of the most-traded U.S.-listed Chinese companies, added 0.5 percent in New York.

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