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Lowest end in over 46 months for stocks
By Ye Zhen |
November 29, 2012, Thursday
|
Print Edition
Print Edition
SHANGHAI stocks fell for a third day yesterday, sending the key index to the lowest in over 46 months, on concern over a spate of non-tradable shares flooding the market next month, and the US market tumble on "fiscal cliff" anxieties soured sentiment.
The Shanghai Composite Index lost 0.89 percent to 1,973.52 points, the lowest close since January 16, 2009.
Data from Southwest Securities indicated 180.9 billion yuan (US$29.2 billion) worth of non-tradable shares of 96 companies will circulate in the Shanghai and Shenzhen markets in December, the most since September 2011.
The US market slump also weighed on local shares.
"Investors are worried that the US may fail to avoid a fiscal cliff as there is still no agreement between Congress and the White House," Southwest Securities analyst Zhang Gang said yesterday.
CITIC Securities, the biggest listed brokerage, shed 1.3 percent to 10.25 yuan and Founder Securities Co fell 2.7 percent to 3.90 yuan.
The Shanghai Composite Index lost 0.89 percent to 1,973.52 points, the lowest close since January 16, 2009.
Data from Southwest Securities indicated 180.9 billion yuan (US$29.2 billion) worth of non-tradable shares of 96 companies will circulate in the Shanghai and Shenzhen markets in December, the most since September 2011.
The US market slump also weighed on local shares.
"Investors are worried that the US may fail to avoid a fiscal cliff as there is still no agreement between Congress and the White House," Southwest Securities analyst Zhang Gang said yesterday.
CITIC Securities, the biggest listed brokerage, shed 1.3 percent to 10.25 yuan and Founder Securities Co fell 2.7 percent to 3.90 yuan.
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