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Market slumps nearly 2%
By Ding Yining |
November 17, 2010, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index tumbled nearly 2 percent today, following weak European and the US market among concerns of China's growth and Ireland debt problem. Banks outperformed while miners and pharmaceutical firms declined.
The benchmark Shanghai Composite Index dropped 1.92 percent, or 55.68 points, to close at 2,838.86 points. Turnover dropped to 159 billion yuan (US$24.1 billion) from yesterday's 221.6 billion.
The Shenzhen Composite Index, which tracks the smaller domestic market, slid 3.33 percent to 1,238.97 points.
Combined turnover at the Shanghai and Shenzhen bourse was the lowest level in a month as market sentiments remained low.
European shares dropped the most in one day since July as pan-European FTSEurofirst 300 Index was down 2.2 percent and the STOXX Europe 600 Basis Resources lost 5 percent.
Worries were aroused that China's measures to control prices may slowdown the country's economic growth after central bank governor Zhou Xiaochuan yesterday said at a forum that it will raise flexibility and effectiveness of policies to step up control of liquidity.
Uncertainties for European debt crisis intensified after Ireland declined to ask for EU bailout.
China Securities Journal reported on its Website today that central bank may raise interest rate on Friday, citing market observers.
Miners extended previous losses as commodity prices tumbled overnight against stronger US dollar. Gold prices dropped around US$30 per ounce to around U$1,335, and oil slid 3 percent to US$82 a barrel. Copper and aluminum prices were also low on the London market.
Datong Coal Industry Co lost 3.01 percent to 20.35 yuan. Yunnan Copper plunged the daily limit of 10 percent to 24.02 yuan. Aluminum Corp of China was down 2.78 percent to 10.48 yuan. Shandong Gold Mining Co lost 3.91 percent to 51.91 yuan.
Pharmaceutical firms declined after gaining for three days. Shanghai Pharmaceuticals Holding Co shed 5.82 percent to 22.51 yuan. Southwest Pharmaceutical Co slid 9.50 percent to 11.43 yuan.
Banks went mixed. Pudong Development Bank edged up 0.77 percent to 13.13 yuan. China Construction Bank lost 1.04 percent to 4.78 yuan. Bank of Communications dipped 0.17 percent to 5.74 yuan.
The benchmark Shanghai Composite Index dropped 1.92 percent, or 55.68 points, to close at 2,838.86 points. Turnover dropped to 159 billion yuan (US$24.1 billion) from yesterday's 221.6 billion.
The Shenzhen Composite Index, which tracks the smaller domestic market, slid 3.33 percent to 1,238.97 points.
Combined turnover at the Shanghai and Shenzhen bourse was the lowest level in a month as market sentiments remained low.
European shares dropped the most in one day since July as pan-European FTSEurofirst 300 Index was down 2.2 percent and the STOXX Europe 600 Basis Resources lost 5 percent.
Worries were aroused that China's measures to control prices may slowdown the country's economic growth after central bank governor Zhou Xiaochuan yesterday said at a forum that it will raise flexibility and effectiveness of policies to step up control of liquidity.
Uncertainties for European debt crisis intensified after Ireland declined to ask for EU bailout.
China Securities Journal reported on its Website today that central bank may raise interest rate on Friday, citing market observers.
Miners extended previous losses as commodity prices tumbled overnight against stronger US dollar. Gold prices dropped around US$30 per ounce to around U$1,335, and oil slid 3 percent to US$82 a barrel. Copper and aluminum prices were also low on the London market.
Datong Coal Industry Co lost 3.01 percent to 20.35 yuan. Yunnan Copper plunged the daily limit of 10 percent to 24.02 yuan. Aluminum Corp of China was down 2.78 percent to 10.48 yuan. Shandong Gold Mining Co lost 3.91 percent to 51.91 yuan.
Pharmaceutical firms declined after gaining for three days. Shanghai Pharmaceuticals Holding Co shed 5.82 percent to 22.51 yuan. Southwest Pharmaceutical Co slid 9.50 percent to 11.43 yuan.
Banks went mixed. Pudong Development Bank edged up 0.77 percent to 13.13 yuan. China Construction Bank lost 1.04 percent to 4.78 yuan. Bank of Communications dipped 0.17 percent to 5.74 yuan.
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