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Key index tumbles almost 5%
By Pan Xiaoyi |
February 19, 2009, Thursday
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Print Edition
Print Edition
SHANGHAI'S key stock index fell for a second day when it plunged nearly 5 percent yesterday, as a shrinking turnover signaled investors were leaving the market.
The Shanghai Composite Index fell 4.72 percent, or 109.58 points, to 2,209.86. It is the biggest single-day drop in almost three months.
Losers outnumbered gainers 772 to 107 while three stocks stayed unchanged. Turnover shrank to 135.3 billion yuan (US$19.9 billion), down from 169.2 billion yuan on Tuesday. Turnover peaked at 177.94 billion yuan on Monday when the barometer rose 2.96 percent.
The Shenzhen Composite Index, which tracks the smaller domestic market, dived 4.06 percent to 707.03.
"Shares opened lower following plunges in overseas markets," said Wen Lijun, an analyst at Nanjing Securities Co.
"The tumble of heavyweights, including PetroChina and Sinopec, in the afternoon caused investors to lose confidence, and they started selling off shares to take profit."
Resources producers dived after commodity prices plunged to their lowest level since June 2002. PetroChina Co lost 4.91 percent to 11.24 yuan while China Petroleum and Chemical Corp, also known as Sinopec, slid 6.02 percent to 8.58 yuan. Jiangxi Copper Co retreated 6.32 percent to 16.91 yuan.
"While stocks may have further room to run before the unveiling of various stimulus plans and the annual session of the National People's Congress next month, the rally may not last as we don't believe it is backed by fundamentals," Steven Sun, an HSBC Holdings strategist, wrote in a note.
The Shanghai Composite Index fell 4.72 percent, or 109.58 points, to 2,209.86. It is the biggest single-day drop in almost three months.
Losers outnumbered gainers 772 to 107 while three stocks stayed unchanged. Turnover shrank to 135.3 billion yuan (US$19.9 billion), down from 169.2 billion yuan on Tuesday. Turnover peaked at 177.94 billion yuan on Monday when the barometer rose 2.96 percent.
The Shenzhen Composite Index, which tracks the smaller domestic market, dived 4.06 percent to 707.03.
"Shares opened lower following plunges in overseas markets," said Wen Lijun, an analyst at Nanjing Securities Co.
"The tumble of heavyweights, including PetroChina and Sinopec, in the afternoon caused investors to lose confidence, and they started selling off shares to take profit."
Resources producers dived after commodity prices plunged to their lowest level since June 2002. PetroChina Co lost 4.91 percent to 11.24 yuan while China Petroleum and Chemical Corp, also known as Sinopec, slid 6.02 percent to 8.58 yuan. Jiangxi Copper Co retreated 6.32 percent to 16.91 yuan.
"While stocks may have further room to run before the unveiling of various stimulus plans and the annual session of the National People's Congress next month, the rally may not last as we don't believe it is backed by fundamentals," Steven Sun, an HSBC Holdings strategist, wrote in a note.
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