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EU crisis weighs down Shanghai index
By Feng Jianmin |
May 31, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI stocks tumbled on jitters about the European debt crisis and the domestic property market.
The Shanghai Composite Index slid 63.62 points, or 2.4 percent, to 2,592.15 points. Turnover stood at 89.2 billion yuan (US$ 13.1 billion). Losers outnumberd gainers by 866 to 76, and 167 shares remain unchanged.
The Shenzhen Composite Index, which tracks the smaller mainland exchange, similarly lost 2.76 percent to 1033.49.
Concerns about the European debt crisis grew after Fitch downgraded Spain's credit rating from AAA to AA+, which is likely to hit China's exports to Europe, the country's largest export destination.
China Cosco Holdings Co, the world's largest operator of dry-bulk ships, retreated 3.22 percent to 9.91 yuan. Aluminum Corp. of China withdrew 3.47 percent to 10.28 yuan. Baoshan Iron & Steel slid 2.01 percent to 6.35 yuan.
Domestically, National Development and Reform Commission issued a plan to further economic reform, including a "gradual promotion of property tax reform."
China Vanke was 2.96 percent lower to 7.21 yuan. China Merchants Property Development Co lost 4.57 percent, to 15.45 yuan. Gemdale dropped 4.31 percent to 6.44 yuan.
Bank of China gained 2 percent to 4.09 yuan after reporting a plan to raise 40 billion yuan by selling convertible bonds on Wednesday.
Otherwise, the financial sector trailed. China Construction Bank lost 2.81 percent to 6.57 yuan. China Pacific Insurance (Group) Co went down 2.61 percent to 21.68 yuan. Citic Securities, the country's largest brokerage, slumped 4.07 percent to 19.80 yuan.
The Shanghai Composite Index slid 63.62 points, or 2.4 percent, to 2,592.15 points. Turnover stood at 89.2 billion yuan (US$ 13.1 billion). Losers outnumberd gainers by 866 to 76, and 167 shares remain unchanged.
The Shenzhen Composite Index, which tracks the smaller mainland exchange, similarly lost 2.76 percent to 1033.49.
Concerns about the European debt crisis grew after Fitch downgraded Spain's credit rating from AAA to AA+, which is likely to hit China's exports to Europe, the country's largest export destination.
China Cosco Holdings Co, the world's largest operator of dry-bulk ships, retreated 3.22 percent to 9.91 yuan. Aluminum Corp. of China withdrew 3.47 percent to 10.28 yuan. Baoshan Iron & Steel slid 2.01 percent to 6.35 yuan.
Domestically, National Development and Reform Commission issued a plan to further economic reform, including a "gradual promotion of property tax reform."
China Vanke was 2.96 percent lower to 7.21 yuan. China Merchants Property Development Co lost 4.57 percent, to 15.45 yuan. Gemdale dropped 4.31 percent to 6.44 yuan.
Bank of China gained 2 percent to 4.09 yuan after reporting a plan to raise 40 billion yuan by selling convertible bonds on Wednesday.
Otherwise, the financial sector trailed. China Construction Bank lost 2.81 percent to 6.57 yuan. China Pacific Insurance (Group) Co went down 2.61 percent to 21.68 yuan. Citic Securities, the country's largest brokerage, slumped 4.07 percent to 19.80 yuan.
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