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Gloom sends key index to 33-month low
By Lu Nengneng |
December 28, 2011, Wednesday
|
Print Edition
Print Edition
SHANGHAI'S key stock index closed at a 33-month low yesterday as the gloomy market outlook continued to cloud investors.
The Shanghai Composite Index sank 1.1 percent to 2,166.21 points, wiping away the gains in the morning session and extending Monday's decline.
The retreat, stretching into the eighth consecutive week, has sent Shanghai's key index down nearly 23 percent so far this year.
"China's economy may continue its downward trend in the near future" as the government has indicated that it will maintain prudent monetary policies next year? Zhang Yidong, analyst at Industrial Securities, said.
Property developers fell as the continued restrictions on home purchase will further strain their cash flow.
Poly Real Estate tumbled 3.17 percent to 9.76 yuan. Gemdale Corp lost 1.23 percent to 4.8 yuan.
Resource stocks dropped on worries the global financial turbulence and the domestic economic slowdown will result in oversupply. Aluminum Corp of China lost 1.7 percent to 6.41 yuan. Jiangxi Copper sank 2.1 percent to 21.05 yuan. Yanzhou Coal Mining shed 2 percent to 20.70 yuan.
Insurers were among the few risers earlier yesterday. China Life Insurance, the country's biggest insurer, added 0.76 percent to 17.17 yuan. Ping An Insurance gained 0.63 percent to close at 33.78 yuan.
The Shanghai Composite Index sank 1.1 percent to 2,166.21 points, wiping away the gains in the morning session and extending Monday's decline.
The retreat, stretching into the eighth consecutive week, has sent Shanghai's key index down nearly 23 percent so far this year.
"China's economy may continue its downward trend in the near future" as the government has indicated that it will maintain prudent monetary policies next year? Zhang Yidong, analyst at Industrial Securities, said.
Property developers fell as the continued restrictions on home purchase will further strain their cash flow.
Poly Real Estate tumbled 3.17 percent to 9.76 yuan. Gemdale Corp lost 1.23 percent to 4.8 yuan.
Resource stocks dropped on worries the global financial turbulence and the domestic economic slowdown will result in oversupply. Aluminum Corp of China lost 1.7 percent to 6.41 yuan. Jiangxi Copper sank 2.1 percent to 21.05 yuan. Yanzhou Coal Mining shed 2 percent to 20.70 yuan.
Insurers were among the few risers earlier yesterday. China Life Insurance, the country's biggest insurer, added 0.76 percent to 17.17 yuan. Ping An Insurance gained 0.63 percent to close at 33.78 yuan.
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