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Market plunges more than 2% in morning session
By Lydia Chen |
February 22, 2011, Tuesday
|
Online Edition
Online Edition
THE Shanghai stock market slumped this morning as financials led the decrease while heavyweights pared back recent gains.
The plunge came along with falls in other Asian markets which tumbled over intensifying crisis in Libya. The anxiety in the worldwide markets turned investors to safe haven gold which rose to its highest in seven weeks. Silver also jumped to strongest level in more than three decades.
The Shanghai Composite Index lost 2.09 percent to 2,871.05. Turnover, however, rose to 117.29 billion yuan (US$17.85 billion) from yesterday morning's 73.4 billion yuan.
Property developers, banks, machinery manufacturers and construction-related shares were among the weakest performers this morning.
Developers saw the biggest amount of leaving funds of 1.03 billion yuan among all the sectors as tightening from the government against asset bubbles seemed to start take its toll.
China Vanke, the biggest developer, lost 3.33 percent to 8.12 yuan. Poly Real Estate, the second biggest, was down 5.07 percent to 12.37 yuan.
Eleven Chinese major cities have imposed bans on extra property purchases, which already sharply slashed transaction volumes.
Gold producers were the several strong performers this morning thanks to the rising prices of the precious metal in world markets.
Zhongjin Gold added 1.39 percent to 37.18 yuan. Zijin Mining Group Co edged up 2.09 percent to 7.81 yuan.
The plunge came along with falls in other Asian markets which tumbled over intensifying crisis in Libya. The anxiety in the worldwide markets turned investors to safe haven gold which rose to its highest in seven weeks. Silver also jumped to strongest level in more than three decades.
The Shanghai Composite Index lost 2.09 percent to 2,871.05. Turnover, however, rose to 117.29 billion yuan (US$17.85 billion) from yesterday morning's 73.4 billion yuan.
Property developers, banks, machinery manufacturers and construction-related shares were among the weakest performers this morning.
Developers saw the biggest amount of leaving funds of 1.03 billion yuan among all the sectors as tightening from the government against asset bubbles seemed to start take its toll.
China Vanke, the biggest developer, lost 3.33 percent to 8.12 yuan. Poly Real Estate, the second biggest, was down 5.07 percent to 12.37 yuan.
Eleven Chinese major cities have imposed bans on extra property purchases, which already sharply slashed transaction volumes.
Gold producers were the several strong performers this morning thanks to the rising prices of the precious metal in world markets.
Zhongjin Gold added 1.39 percent to 37.18 yuan. Zijin Mining Group Co edged up 2.09 percent to 7.81 yuan.
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