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Shanghai market loses nearly 1% in morning
By Lydia Chen |
July 28, 2011, Thursday
|
Online Edition
Online Edition
SHANGHAI benchmark index fell this morning, following shares in the US market plunged yesterday as the country edged closer to defaulting on its debt and the economy showed more signs of deteriorating.
The Shanghai Composite Index lost 0.93 percent to 2,698.28. Turnover added slightly to 50.8 billion yuan (US$7.88 billion).
Heavyweights such as cement makers and gold producers snapped their previous rallies and paced the decline in the morning session today.
Fujian Cement Co shed 6.31 percent to 13.67 yuan. Zhongjin Gold lost 2.14 percent 28.40 yuan.
Industrial & Commercial Bank of China, the country's biggest lender, sank 1.17 percent to 4.23 yuan.
The Dow Jones industrial average fell 198.75 points, or 1.6 percent, to 12,302.55, its biggest one-day drop since early June. It has fallen for four days straight.
The S&P 500 fell 27.05 points, or 2 percent, to 1,304.89. The technology-focused Nasdaq composite index fell 75.17 points, or 2.6 percent, to 2,764.79, its worst day in five months.
With no sign of a compromise in Washington, investors are becoming more fearful that the US rating could be lowered, which could mean huge losses for China, whose most assets overseas countries are in US dollars.
The Shanghai Composite Index lost 0.93 percent to 2,698.28. Turnover added slightly to 50.8 billion yuan (US$7.88 billion).
Heavyweights such as cement makers and gold producers snapped their previous rallies and paced the decline in the morning session today.
Fujian Cement Co shed 6.31 percent to 13.67 yuan. Zhongjin Gold lost 2.14 percent 28.40 yuan.
Industrial & Commercial Bank of China, the country's biggest lender, sank 1.17 percent to 4.23 yuan.
The Dow Jones industrial average fell 198.75 points, or 1.6 percent, to 12,302.55, its biggest one-day drop since early June. It has fallen for four days straight.
The S&P 500 fell 27.05 points, or 2 percent, to 1,304.89. The technology-focused Nasdaq composite index fell 75.17 points, or 2.6 percent, to 2,764.79, its worst day in five months.
With no sign of a compromise in Washington, investors are becoming more fearful that the US rating could be lowered, which could mean huge losses for China, whose most assets overseas countries are in US dollars.
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