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Key index falls by the most in 3 weeks
By Feng Jianmin |
December 21, 2010, Tuesday
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Print Edition
Print Edition
SHANGHAI'S key stock index dropped the most in nearly three weeks on concerns over South Korean military drills and the European debt crisis, but gold miners benefitted from these uncertainties.
The Shanghai Composite Index lost 1.4 percent, or 40.82 points, to 2,852.92. Turnover grew to 149 billion yuan (US$ 22.4 billion) from last Friday's 93.9 billion yuan.
An early tumble following South Korea's launch of live-fire artillery exercises yesterday near its border with the North Korea was eased after CNN reported later that Pyongyang has agreed to let United Nations nuclear inspectors back into the country, a move that could ease the recent high tensions on the peninsula.
Most Asian stock markets were weak. South Korea's Kospi Index dipped 0.3 percent. Hong Kong's Hang Seng Index shed 0.3 percent.
Concerns over the European debt crisis lingered after Moody's Investors Service slashed Ireland's credit rating by five notches to Baa1 from Aa2 last Friday. Analysts said that more countries in the eurozone may face a downgrade.
"Capital retreated on worries over the Korean Peninsula conflict in the morning, but the impact may not last," said Wan Qing, an analyst at GF Securities. "The stock market is more burdened by concerns of domestic economic growth. The recent fall in the Hang Seng Index indicated that enthusiasm over the Chinese capital market is gradually cooling among investors."
Steel makers dropped after news that the steel industry may earn a 3.5 percent profit margin this year, the lowest among all industries. Baoshan Iron and Steel Co fell 1.5 percent to 6.54 yuan.
Gold miners gained after bullion prices rose as investors seek a hedge against growing risks of uncertainties. Zijin Mining Corp, China's largest gold miner, added 1 percent to 8.50 yuan.
The Shanghai Composite Index lost 1.4 percent, or 40.82 points, to 2,852.92. Turnover grew to 149 billion yuan (US$ 22.4 billion) from last Friday's 93.9 billion yuan.
An early tumble following South Korea's launch of live-fire artillery exercises yesterday near its border with the North Korea was eased after CNN reported later that Pyongyang has agreed to let United Nations nuclear inspectors back into the country, a move that could ease the recent high tensions on the peninsula.
Most Asian stock markets were weak. South Korea's Kospi Index dipped 0.3 percent. Hong Kong's Hang Seng Index shed 0.3 percent.
Concerns over the European debt crisis lingered after Moody's Investors Service slashed Ireland's credit rating by five notches to Baa1 from Aa2 last Friday. Analysts said that more countries in the eurozone may face a downgrade.
"Capital retreated on worries over the Korean Peninsula conflict in the morning, but the impact may not last," said Wan Qing, an analyst at GF Securities. "The stock market is more burdened by concerns of domestic economic growth. The recent fall in the Hang Seng Index indicated that enthusiasm over the Chinese capital market is gradually cooling among investors."
Steel makers dropped after news that the steel industry may earn a 3.5 percent profit margin this year, the lowest among all industries. Baoshan Iron and Steel Co fell 1.5 percent to 6.54 yuan.
Gold miners gained after bullion prices rose as investors seek a hedge against growing risks of uncertainties. Zijin Mining Corp, China's largest gold miner, added 1 percent to 8.50 yuan.
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