Key index ends over 1% lower
By Feng Jianmin |
December 1, 2010, Wednesday
|
Print Edition
Print Edition
SHANGHAI'S key index fell over 1 percent yesterday as investors were worried about the possible spread of the European debt crisis and China's price control measures.
The Shanghai Composite Index fell 1.6 percent, or 46.2 points to close at 2820.2. The gauge had earlier tumbled 3.6 percent but the decline was narrowed in the afternoon as blue chips rose. Turnover grew to 176.3 billion yuan (US$ 26.5 billion) from yesterday's 134 billion yuan.
The gauge lost 5.3 percent in November, the first monthly decline since June.
Sentiment was low as European markets fell overnight on pessimism over the region's debt crisis as Spain and Portugal faced more difficulties in raising money as credit default swaps rose for them. Concerns were expressed whether Ireland would be able to repay its 85-billion-euro (US$110 billion) bailout loan - a quarter of its gross domestic product.
Investors were also jittery over China's State Council's proposed plan on Monday to increase severe punishment against speculators and price manipulators because they were worried measures to control prices may harm economic growth.
Airlines led declines after the US dollar index grew to its highest level in two months on concerns that stronger currency may increase the airlines' burden to pay back their greenback debt.
China Southern Airlines slid 4.2 percent to 8.90 yuan. Air China lost 3.3 percent to 12.45 yuan. Hainan Airlines declined 5.8 percent to finish at 9.47 yuan.
Jiangxi Copper Co grew 2.9 percent to 35.20 yuan and Shandong Gold Mining Group Co added 1.3 percent to 53.42 yuan. Aluminum Corp of China fell 1.2 percent to close at 10.10 yuan.
The Shanghai Composite Index fell 1.6 percent, or 46.2 points to close at 2820.2. The gauge had earlier tumbled 3.6 percent but the decline was narrowed in the afternoon as blue chips rose. Turnover grew to 176.3 billion yuan (US$ 26.5 billion) from yesterday's 134 billion yuan.
The gauge lost 5.3 percent in November, the first monthly decline since June.
Sentiment was low as European markets fell overnight on pessimism over the region's debt crisis as Spain and Portugal faced more difficulties in raising money as credit default swaps rose for them. Concerns were expressed whether Ireland would be able to repay its 85-billion-euro (US$110 billion) bailout loan - a quarter of its gross domestic product.
Investors were also jittery over China's State Council's proposed plan on Monday to increase severe punishment against speculators and price manipulators because they were worried measures to control prices may harm economic growth.
Airlines led declines after the US dollar index grew to its highest level in two months on concerns that stronger currency may increase the airlines' burden to pay back their greenback debt.
China Southern Airlines slid 4.2 percent to 8.90 yuan. Air China lost 3.3 percent to 12.45 yuan. Hainan Airlines declined 5.8 percent to finish at 9.47 yuan.
Jiangxi Copper Co grew 2.9 percent to 35.20 yuan and Shandong Gold Mining Group Co added 1.3 percent to 53.42 yuan. Aluminum Corp of China fell 1.2 percent to close at 10.10 yuan.
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