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Fatal train accident triggers market slide
By Lydia Chen |
July 25, 2011, Monday
|
Online Edition
Online Edition
SHANGHAI stock market slumped more than 2 percent in the morning session today, with railway-related shares driving the benchmark index down following a deadly bullet train crash that so far has killed at least 35 people.
The Shanghai Composite Index tumbled 2.10 percent to 2,712.60. Turnover, however, added slightly to 62.9 billion yuan (US$9.75 billion).
Railway shares were the worst hit players in the morning session as investors started panic selling after the fatal crash in Wenzhou City, Zhejiang Province over the weekend.
CSR Corp., dived 7.84 percent to 6.11 yuan while China CNR Corp., plunged 8.31 percent to 5.96 yuan.
The bullet train, which was made by CSR Corp, reportedly broke down after it was struck by lightning and was rear-ended by another locomotive at 8:30 pm Saturday near Wenzhou City. The crash, which pushed four coaches off a viaduct, has claimed at least 35 lives and injured more than 200 people.
The Shanghai Composite Index tumbled 2.10 percent to 2,712.60. Turnover, however, added slightly to 62.9 billion yuan (US$9.75 billion).
Railway shares were the worst hit players in the morning session as investors started panic selling after the fatal crash in Wenzhou City, Zhejiang Province over the weekend.
CSR Corp., dived 7.84 percent to 6.11 yuan while China CNR Corp., plunged 8.31 percent to 5.96 yuan.
The bullet train, which was made by CSR Corp, reportedly broke down after it was struck by lightning and was rear-ended by another locomotive at 8:30 pm Saturday near Wenzhou City. The crash, which pushed four coaches off a viaduct, has claimed at least 35 lives and injured more than 200 people.
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