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Index slides 2% after US crash
By Joyce Pan |
May 7, 2010, Friday
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Online Edition
Online Edition
SHANGHAI'S stock extended losses and fell nearly 2 percent today following tumbles in United States markets on market concerns the debt crisis in Europe would spread.
The benchmark Shanghai Composite Index dropped 1.87 percent, or 18.94 points, to end at 2,688.38 points. Turnover shrank to 108.5 billion yuan (US$15.9 billion) from 113.2 billion yuan on Thursday. Losers outnumbered gainers 673 to 193 and 13 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 2.22 percent to close at 1,064.17 points.
"A debt crisis in Europe seems to escalate after Moody's warned Portugal of possible downgrade, leading to instabilities in the surrounding markets," Galaxy Securities Co wrote in a research note. "That posed a negative impact on the local stock market."
The Dow Jones Industrial Average fell as much as 9.2 percent, almost 1,000 points, during trading before paring the decline overnight. That was its biggest intraday percentage loss since 1987 as the debt concerns triggered a broad selling-off.
Commodity producers led the decliners on speculations the demands for raw materials will falter due to the crisis. Jiangxi Copper lost 3.7 percent to 29.56 yuan. Aluminum Corp of China Ltd, the nation's biggest maker of the lightweight metal, fell 1.8 percent to 10.33 yuan.
PetroChina Co., the nation's biggest oil producer and largest component of the index, slid 1.7 percent to 11.12 yuan. Sinopec, Asia's largest oil refiner, retreated 3.1 percent to 10.19 yuan.
The benchmark Shanghai Composite Index dropped 1.87 percent, or 18.94 points, to end at 2,688.38 points. Turnover shrank to 108.5 billion yuan (US$15.9 billion) from 113.2 billion yuan on Thursday. Losers outnumbered gainers 673 to 193 and 13 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 2.22 percent to close at 1,064.17 points.
"A debt crisis in Europe seems to escalate after Moody's warned Portugal of possible downgrade, leading to instabilities in the surrounding markets," Galaxy Securities Co wrote in a research note. "That posed a negative impact on the local stock market."
The Dow Jones Industrial Average fell as much as 9.2 percent, almost 1,000 points, during trading before paring the decline overnight. That was its biggest intraday percentage loss since 1987 as the debt concerns triggered a broad selling-off.
Commodity producers led the decliners on speculations the demands for raw materials will falter due to the crisis. Jiangxi Copper lost 3.7 percent to 29.56 yuan. Aluminum Corp of China Ltd, the nation's biggest maker of the lightweight metal, fell 1.8 percent to 10.33 yuan.
PetroChina Co., the nation's biggest oil producer and largest component of the index, slid 1.7 percent to 11.12 yuan. Sinopec, Asia's largest oil refiner, retreated 3.1 percent to 10.19 yuan.
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