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City stock market loses most in 10 days
By Feng Jianmin |
August 5, 2011, Friday
|
Online Edition
Online Edition
SHANGHAI'S benchmark stock index fell the most in 10 days in the morning session taking cue from a biggest slump of the US stocks in three months, but the decline was narrowed as liquidity continued to improve.
The Shanghai Composite Index fell 1.88 percent after dropping as much as 3 percent. The index closed at 2,633.51 points by noon break, the lowest since June 20. Turnover rose to 50.8 billion yuan (US$7.9 billion) from yesterday morning's 39.3 billion yuan.
The Shenzhen Component Index, which tracks the smaller market on the mainland, similarly lost 1.65 percent to 11,737.84 points.
Markets worldwide were on edge over fiscal weakness in Italy and Spain and the eurozone's ability to contain more crisis, as the two countries' borrowing costs surged in recent days. Meanwhile the US Labor Department reported that weekly claims for unemployment benefits remained at a high 400,000 last week, as business and government layoffs persisted while new job creation remained sluggish.
The Dow Jones Industrial Average plunged 4.3 percent yesterday, its worst one-day drop since the financial crisis, while the Stoxx Europe 600 Index, plummeted 3.4 percent to its lowest since 2010 July.
However, improved liquidity in China lifted the markets from an early-day plunge. China's liquidity continued to improve as the central bank injected 44 billion yuan to the economy this week. The liquidity has a net addition for the third consecutive week. The benchmark money rate fell for the fifth day to 3.01 percent today, the lowest in two months.
Commodity producers led the decliners after prices of oil and aluminum futures dropped. Oil fell 5.8 percent in New York yesterday, while aluminum futures in China dropped 4 percent in the morning.
"A stronger dollar and weaker European equity markets have weighed on the complex, while Italian and Spanish bond yields remain near euro-era records, indicating the level of ongoing concern over the European debt situation," the South Africa-based Standard Bank wrote in a note.
Aluminum Corp of China tumbled 3 percent to 9.95 yuan. PetroChina, the largest oil producer in China, dropped 1.8 percent to 10.26 yuan.
The Shanghai Composite Index fell 1.88 percent after dropping as much as 3 percent. The index closed at 2,633.51 points by noon break, the lowest since June 20. Turnover rose to 50.8 billion yuan (US$7.9 billion) from yesterday morning's 39.3 billion yuan.
The Shenzhen Component Index, which tracks the smaller market on the mainland, similarly lost 1.65 percent to 11,737.84 points.
Markets worldwide were on edge over fiscal weakness in Italy and Spain and the eurozone's ability to contain more crisis, as the two countries' borrowing costs surged in recent days. Meanwhile the US Labor Department reported that weekly claims for unemployment benefits remained at a high 400,000 last week, as business and government layoffs persisted while new job creation remained sluggish.
The Dow Jones Industrial Average plunged 4.3 percent yesterday, its worst one-day drop since the financial crisis, while the Stoxx Europe 600 Index, plummeted 3.4 percent to its lowest since 2010 July.
However, improved liquidity in China lifted the markets from an early-day plunge. China's liquidity continued to improve as the central bank injected 44 billion yuan to the economy this week. The liquidity has a net addition for the third consecutive week. The benchmark money rate fell for the fifth day to 3.01 percent today, the lowest in two months.
Commodity producers led the decliners after prices of oil and aluminum futures dropped. Oil fell 5.8 percent in New York yesterday, while aluminum futures in China dropped 4 percent in the morning.
"A stronger dollar and weaker European equity markets have weighed on the complex, while Italian and Spanish bond yields remain near euro-era records, indicating the level of ongoing concern over the European debt situation," the South Africa-based Standard Bank wrote in a note.
Aluminum Corp of China tumbled 3 percent to 9.95 yuan. PetroChina, the largest oil producer in China, dropped 1.8 percent to 10.26 yuan.
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