Decline in overseas shares pull index down
By Hu Xiaocen |
March 8, 2012, Thursday
|
Print Edition
Print Edition
SHANGHAI stocks fell yesterday for the third consecutive day, the longest losing streak in almost two months, taking the cue from declines in overseas shares as investors were jittery about Greece's second bailout.
The Shanghai Composite Index lost 0.65 percent to close at 2,394.79.
Overseas markets slumped on concerns that Greece's second bailout is threatened by the likely failure of its bond swap deal. The deepening eurozone crisis is hurting China's exports which grew slower in January and February compared with the same period of last year, said Li Bo, analyst at GF Securities.
But China's Minister of Commerce Chen Deming said in Beijing yesterday that 10 percent growth in exports this year is achievable.
Metal producers tumbled on falling metal futures on the Shanghai Futures Exchange. Zijin Mining Group Co fell 1.55 percent to 4.46 yuan (71 US cents). Jiangxi Copper, China's biggest producer of the metal, slumped 3.1 percent to 25.61 yuan.
China Life Insurance slipped 1.1 percent to 17.50 yuan after the nation's biggest insurer said net income for 2011 may have dropped by 40-50 percent from a year earlier based on Chinese accounting standards.
The Shanghai Composite Index lost 0.65 percent to close at 2,394.79.
Overseas markets slumped on concerns that Greece's second bailout is threatened by the likely failure of its bond swap deal. The deepening eurozone crisis is hurting China's exports which grew slower in January and February compared with the same period of last year, said Li Bo, analyst at GF Securities.
But China's Minister of Commerce Chen Deming said in Beijing yesterday that 10 percent growth in exports this year is achievable.
Metal producers tumbled on falling metal futures on the Shanghai Futures Exchange. Zijin Mining Group Co fell 1.55 percent to 4.46 yuan (71 US cents). Jiangxi Copper, China's biggest producer of the metal, slumped 3.1 percent to 25.61 yuan.
China Life Insurance slipped 1.1 percent to 17.50 yuan after the nation's biggest insurer said net income for 2011 may have dropped by 40-50 percent from a year earlier based on Chinese accounting standards.
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