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China shares fall as data raise policy worries
Published in Saudi Press Agency on 22 - 10 - 2009

Chinese shares fell Thursday as mounting uncertainty over the direction of government stimulus policies overshadowed news the economy grew 8.9 percent in the third quarter, according to AP.
The benchmark Shanghai Composite Index lost 19.18 points, or 0.6 percent, to 3,051.41. The Shenzhen Composite Index for China"s second exchange ended flat at 1,069.86.
China"s statistics bureau reported strong growth, industrial output and investment figures for the third quarter, reaffirming expectations that massive spending has ensured a quick recovery from the worst of the global crisis.
The strong results were expected, following bullish comments by top officials and strong trade, housing and manufacturing figures released earlier, analysts said.
Chinese Premier Wen Jiabao said in a Cabinet meeting Wednesday that policy will focus on balancing economic growth while managing inflation _ raising worries over the potential impact on lavish government stimulus spending.
«Today"s data fell within expectations, but the Premier"s remark yesterday on inflation control raised worries that the government might tone down its stimulus policies,» said Hu Xiaoyue, an analyst for Shanghai Securities.
Other analysts said shares fell after recent gains as the benchmark fluctuates near the psychologically important 3,000-point level.
Banks declined amid reports regulators are urging lenders to minimize risks from massive lending. Industrial & Commercial Bank of China Ltd., China"s biggest commercial lender, slipped 0.8 percent to 5.1 yuan. Bank of China Ltd. shed 1 percent to 4.08 yuan, while China Construction Bank Ltd. dropped 1.5 percent to 5.90 yuan.
Resources fell after oil prices slipped to near $80 a barrel in Asia. PetroChina Ltd., Asia"s largest oil and gas producer, lost 0.8 percent to 13.58 yuan and China Petroleum & Chemical Corp. lost 1.4 percent to 11.93 yuan.
China Shenhua Energy Ltd., the country"s biggest coal producer, dropped 1 percent to 35.73 yuan, and Datong Coal Industry Co. fell 1.5 percent to 43.10 yuan.
But brokerages rose, bucking the trend ahead of the launch Friday of a new board for small companies. Sinolink Securities Co. jumped 3.4 percent to 23.65 yuan, while Everbright Securities Co. edged up 24.67 yuan.
In currency markets, the yuan strengthened to 6.8282 to the U.S. dollar, up from Wednesday"s close of 6.8309.
--SPA


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