New Laws of Commercial Registration and Trade Names take effect on Thursday    Civil Defense warns of heavy rains across Saudi Arabia until Monday    Saudi Exchange suspends trading of seven companies over financial disclosure delays    New fleet of 76 public transport buses starts operation in Jeddah on Tuesday Environmentally friendly electric buses introduced for first time    Foreign investors are allowed to engage in real estate business outside Makkah and Madinah Commercial speculation should not be the purpose of real estate transaction    EU preparing 'further countermeasures' to protect its interest, von der Leyen says    Tesla sales plunge after backlash against Elon Musk    Musk's X is suing India, as Tesla and Starlink plan entry    Israel announces expansion of military operation in Gaza to seize 'large areas' of land    US cancels visa of Nobel Peace Prize winner Oscar Arias    Danish prime minister refutes US claim on Greenland on visit to the Arctic territory    Aubameyang fires Al Qadsiah into King's Cup final with stoppage-time winner over Al Raed    Cristiano Ronaldo joins Fatal Fury: City of the Wolves    Saudi Arabia welcomes trilateral border treaty between Tajikistan, Kyrgyzstan, and Uzbekistan    Swedish table tennis legend Jörgen Persson appointed head coach of Saudi national team    Danilo Pereira fires Al Ittihad into King's Cup final with dramatic stoppage-time double    Screen time in bed linked to insomnia, study finds    Mexico bans junk food in schools to fight childhood obesity epidemic    Sweet sales surge ahead of Eid as Saudi chocolate imports top 123 million kg in 2024    Saudi creatives shine at Jeddah's Fawanees Nights with art, fashion, and storytelling    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Bollywood star Saif Ali Khan 'out of danger' after attack at home in Mumbai    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







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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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