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Banks and commodity firms lead decline in Shanghai
By Lydia Chen |
July 12, 2011, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks fell the most in nearly three weeks in the morning session as analysts said falls on the overseas markets are now casting a negative impact amid investors' concerns about the global economy.
The Shanghai Composite Index shed 1.26 percent to 2,767.32. Turnover remained little changed at 54.15 billion yuan (US$8.38 billion).
Financials continued to be the weakest plays in morning trading while commodities shares faltered amid worries that a slowing global economy, now troubled by spreading debt crisis in Europe, will cut demands for metals.
Analysts with Guangzhou Wanlong Securities Consulting Co considered financials, especially banks, the biggest drags to the market amid speculations that their profitability will be hurt under the country's vast government debts.
Industrial & Commercial Bank of China, the country's largest lender, was down 0.69 percent to 4.30 yuan. China Merchants Bank lost 1.97 percent to 12.96 yuan.
Jiangxi Copper skipped 2.73 percent to 34.98 yuan. Aluminium Corp of China lost 2.57 percent to 10.62 yuan. PetroChina declined 1.10 percent to 10.76 yuan.
Crude oil for August delivery fell 1.1 percent to US$95.15 a barrel in New York yesterday, the lowest level since July 1. The London Metal Exchange Index of prices for six industrial metals including copper and aluminum dropped 1.6 percent, the biggest drop since June 2.
Meanwhile, markets around the world sank on fresh concerns about the European debt crisis, which appears to be widened, with concerns about government debt defaults spreading beyond Greece to much larger countries like Italy and Spain.
A widespread financial crisis could cause a credit crunch in Europe and elsewhere as analysts warned.
The Dow Jones industrial average had its biggest percentage drop in nearly a month. It fell 151.44 points, or 1.2 percent, to 12,505.76. And after closing one point off its 2011 high late last week, the Nasdaq composite fell 57.19, or 2.0 percent to 2,802.62.
The Standard & Poor's 500 Index slumped 1.8 percent yesterday.
China's State Council, or the Cabinet, is set to discuss the country's economic growth direction for the second half of this year during a regular meeting to be held tomorrow, the National Business Daily reported today.
The nation's top leaders will also meet at Beidaihe resort area in Hebei Province late this month to set the tone for macroeconomic measures during the July-December period, the newspaper said.
The Shanghai Composite Index shed 1.26 percent to 2,767.32. Turnover remained little changed at 54.15 billion yuan (US$8.38 billion).
Financials continued to be the weakest plays in morning trading while commodities shares faltered amid worries that a slowing global economy, now troubled by spreading debt crisis in Europe, will cut demands for metals.
Analysts with Guangzhou Wanlong Securities Consulting Co considered financials, especially banks, the biggest drags to the market amid speculations that their profitability will be hurt under the country's vast government debts.
Industrial & Commercial Bank of China, the country's largest lender, was down 0.69 percent to 4.30 yuan. China Merchants Bank lost 1.97 percent to 12.96 yuan.
Jiangxi Copper skipped 2.73 percent to 34.98 yuan. Aluminium Corp of China lost 2.57 percent to 10.62 yuan. PetroChina declined 1.10 percent to 10.76 yuan.
Crude oil for August delivery fell 1.1 percent to US$95.15 a barrel in New York yesterday, the lowest level since July 1. The London Metal Exchange Index of prices for six industrial metals including copper and aluminum dropped 1.6 percent, the biggest drop since June 2.
Meanwhile, markets around the world sank on fresh concerns about the European debt crisis, which appears to be widened, with concerns about government debt defaults spreading beyond Greece to much larger countries like Italy and Spain.
A widespread financial crisis could cause a credit crunch in Europe and elsewhere as analysts warned.
The Dow Jones industrial average had its biggest percentage drop in nearly a month. It fell 151.44 points, or 1.2 percent, to 12,505.76. And after closing one point off its 2011 high late last week, the Nasdaq composite fell 57.19, or 2.0 percent to 2,802.62.
The Standard & Poor's 500 Index slumped 1.8 percent yesterday.
China's State Council, or the Cabinet, is set to discuss the country's economic growth direction for the second half of this year during a regular meeting to be held tomorrow, the National Business Daily reported today.
The nation's top leaders will also meet at Beidaihe resort area in Hebei Province late this month to set the tone for macroeconomic measures during the July-December period, the newspaper said.
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