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Shares down 2.1% on growth worry, policy uncertainty

(Xinhua)
Updated: 2008-09-11 14:10

Chinese stocks slid 2.14 percent before the noon trading break as investors were gripped with renewed fears over slower economic growth.

The benchmark Shanghai Composite Index lost 46.06 percent to 2,104.70, the lowest in 21 months. The index edged up 0.23 percent on Wednesday as investors welcomed the news the consumer inflation eased to a 14 month low of 4.9 percent in August.

But the slowing exports growth last month deepened worries over the economic fundamentals, said analysts.

Investors also feared the government wouldn't relax the tightening measures in the short term for wary of a rebound in inflation and before there was a sharp economic slow-down, they said.

Investor sentiment was extremely low as the key Shanghai index has plummeted 65.6 percent from its all time high on October 16.

Banks led the decline as a slow economic growth could reduce loans demand. Shanghai Pudong Development Bank plunged 5.80 percent to 16.25 yuan. Industrial and Commercial Bank of China, the nation's largest lender, retreated 2.88 percent to 4.38 yuan.

PetroChina, the most heavy-weighted stock on the Shanghai Composite Index, slumped 1.99 percent to 10.86 yuan.