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Market loses more than 1.6% on sluggish US job data
By Cao Qian |
September 5, 2011, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock index plunged in the morning session as weak sentiment loomed large among local investors after stocks in the United States dived earlier amid a disappointing non-farm payrolls report.
The benchmark Shanghai Composite Index fell 1.63 percent to 2,486.99 points. Turnover edged up to 30.34 billion yuan (US$4.75 billion), compared to Friday morning's 31 billion yuan.
US stocks closed more than 2 percent lower on Friday after a report on the labor market showed that job creation ground to a halt in August.
Stocks dived across major sectors with cement makers sliding 5 percent, the most among all decliners. Anhui Conch Cement dropped 6.21 percent to 20.55 yuan. Coal producers as well as new energy stocks were also among major losers.
However, gold producers managed to buck the trend in the morning session, leading gainers as investors pursued the precious metal continuously to hedge inflation risks.
The benchmark Shanghai Composite Index fell 1.63 percent to 2,486.99 points. Turnover edged up to 30.34 billion yuan (US$4.75 billion), compared to Friday morning's 31 billion yuan.
US stocks closed more than 2 percent lower on Friday after a report on the labor market showed that job creation ground to a halt in August.
Stocks dived across major sectors with cement makers sliding 5 percent, the most among all decliners. Anhui Conch Cement dropped 6.21 percent to 20.55 yuan. Coal producers as well as new energy stocks were also among major losers.
However, gold producers managed to buck the trend in the morning session, leading gainers as investors pursued the precious metal continuously to hedge inflation risks.
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