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Market plunges almost 2% due to outlook worries
By Ding Yining |
April 19, 2011, Tuesday
|
Online Edition
Online Edition
THE Shanghai market lost nearly 2 percent in the morning session concerns after energy producers and financial sector lowered among concerns that the continuous tightening policy will curb economic development.
The benchmark Shanghai Composite Index sank 1.88 percent, or 57.51 points, to 2,999.82. Turnover was 95.8 billion yuan (US$14.7 billion).
Metal producers and oil companies closed lower after oil traded near a three-day low in New York among fears that worsening economic outlook may curb demand.
Jiangxi Copper Co sank 3.46 percent to 25.09 yuan. Aluminum Corporation of China retreated 4.11 percent to 11.21 yuan.
PetroChina, the largest oil producer and biggest heavyweight in the market, fell 1.65 percent to 11.91 yuan. Sinopec dropped 1.88 percent to 8.88 yuan.
Banks and brokerages were also among the losers. Shanghai Pudong Development Bank lost 2.47 percent to 14.63 yuan. Agricultural Bank of China lowered 2.01 percent to 2.92 yuan.
Property developers retreated from yesterday's gains.
China Vanke Co lost 2.12 percent to 8.77 yuan. Gemdale Corporation was down 2.74 percent to 6.74 yuan.
Henan Shuanghui fell the daily limit of 10 percent to 70.15 yuan as it resumes trading today after it was suspended a month ago, following a China Central Television report that its meat products contained banned additive.
The benchmark Shanghai Composite Index sank 1.88 percent, or 57.51 points, to 2,999.82. Turnover was 95.8 billion yuan (US$14.7 billion).
Metal producers and oil companies closed lower after oil traded near a three-day low in New York among fears that worsening economic outlook may curb demand.
Jiangxi Copper Co sank 3.46 percent to 25.09 yuan. Aluminum Corporation of China retreated 4.11 percent to 11.21 yuan.
PetroChina, the largest oil producer and biggest heavyweight in the market, fell 1.65 percent to 11.91 yuan. Sinopec dropped 1.88 percent to 8.88 yuan.
Banks and brokerages were also among the losers. Shanghai Pudong Development Bank lost 2.47 percent to 14.63 yuan. Agricultural Bank of China lowered 2.01 percent to 2.92 yuan.
Property developers retreated from yesterday's gains.
China Vanke Co lost 2.12 percent to 8.77 yuan. Gemdale Corporation was down 2.74 percent to 6.74 yuan.
Henan Shuanghui fell the daily limit of 10 percent to 70.15 yuan as it resumes trading today after it was suspended a month ago, following a China Central Television report that its meat products contained banned additive.
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