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Key index dips on weak Asia markets
By Feng Jianmin |
November 23, 2011, Wednesday
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Print Edition
Print Edition
SHANGHAI'S key stock index yesterday fell for a fifth day, echoing weak Asian markets, while metal producers and construction material providers faltered on economic concerns.
The Shanghai Composite Index dropped 0.1 percent to 2,412.63 points.
Yesterday's trading echoed performances in other Asian markets as investor confidence was sapped by fears over the ability of politicians on either side of the Atlantic to tackle huge debt burdens in their countries.
"Risk aversion is increasing amid uncertainties of the European and US debt crisis," said Wen Yugao, an analyst at Chinadragon Securities. "There has been no clear positive news recently and the market may remain weak at current levels amid thin transactions."
Metal producers fell after futures prices plunged overnight on concerns that demand will fall.
Jiangxi Copper Co lost 1.2 percent to 25.85 yuan. Aluminum Corp of China fell 0.7 percent to 8.07 yuan.
Building material makers, such as cement and steel firms, fell after Citigroup Inc said property investment might be cut back "significantly."
Fujian Cement Inc shed 1.9 percent to 9.74 yuan. Baoshan Iron and Steel Co dipped 0.6 percent to 5.07 yuan.
Banks outperformed after Reuters said China has cut reserve requirements for five small banks. China Merchants Bank rose 1.1 percent to 11.55 yuan. The Agricultural Bank of China edged up 0.4 percent to end at 2.55 yuan.
The Shanghai Composite Index dropped 0.1 percent to 2,412.63 points.
Yesterday's trading echoed performances in other Asian markets as investor confidence was sapped by fears over the ability of politicians on either side of the Atlantic to tackle huge debt burdens in their countries.
"Risk aversion is increasing amid uncertainties of the European and US debt crisis," said Wen Yugao, an analyst at Chinadragon Securities. "There has been no clear positive news recently and the market may remain weak at current levels amid thin transactions."
Metal producers fell after futures prices plunged overnight on concerns that demand will fall.
Jiangxi Copper Co lost 1.2 percent to 25.85 yuan. Aluminum Corp of China fell 0.7 percent to 8.07 yuan.
Building material makers, such as cement and steel firms, fell after Citigroup Inc said property investment might be cut back "significantly."
Fujian Cement Inc shed 1.9 percent to 9.74 yuan. Baoshan Iron and Steel Co dipped 0.6 percent to 5.07 yuan.
Banks outperformed after Reuters said China has cut reserve requirements for five small banks. China Merchants Bank rose 1.1 percent to 11.55 yuan. The Agricultural Bank of China edged up 0.4 percent to end at 2.55 yuan.
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