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Shanghai Composite slumps 1.63% as caution reigned
By Hu Xiaocen |
November 8, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks retreated for the fourth straight day as investors watched the 18th Chinese Communist Party Congress closely for policy direction while overseas stock markets tumbled.
The Shanghai Composite Index slumped the most in two weeks by 1.63 percent to 2,071.51 points this afternoon with oil, coal and metal producers leading the fall. The turnover stood at 49.3 billion yuan (US$7.8 billion).
"Stock markets normally retreated before and after important meetings. Eyes are on the congress for investment directions," said Cheng Yimin, senior securities analyst at China Post Securities. "The market will extend the falling trend in a couple of days. Private investors are recommended to reduce their holdings."
Overseas markets fell overnight on growing concerns about the recovery of the American economy.
Oil refiners, coal producers and metal producers led the fall on dwindling commodity prices as fears grew that economic uncertainty in the US and Europe will erode demand for their products.
China Petroleum and Chemical Co, the nation's largest oil refiner, lost 1.6 percent to 6.3 yuan. PetroChina Co, the second-biggest player, shed 1.1 percent to 8.72 yuan.
China Shenhua Energy Co, the nation's biggest coal producer, dropped 2.3 percent to 22.65 yuan. Yanzhou Coal Mining Co sank 3.3 percent to 17.48 yuan.
China's biggest gold miner, Zijin Mining Group Co, shrank 2.3 percent to 3.83 yuan. Jiangxi Copper Co, the nation's biggest producer of the metal, fell 2.8 percent to 20.9 yuan.
The Shanghai Composite Index slumped the most in two weeks by 1.63 percent to 2,071.51 points this afternoon with oil, coal and metal producers leading the fall. The turnover stood at 49.3 billion yuan (US$7.8 billion).
"Stock markets normally retreated before and after important meetings. Eyes are on the congress for investment directions," said Cheng Yimin, senior securities analyst at China Post Securities. "The market will extend the falling trend in a couple of days. Private investors are recommended to reduce their holdings."
Overseas markets fell overnight on growing concerns about the recovery of the American economy.
Oil refiners, coal producers and metal producers led the fall on dwindling commodity prices as fears grew that economic uncertainty in the US and Europe will erode demand for their products.
China Petroleum and Chemical Co, the nation's largest oil refiner, lost 1.6 percent to 6.3 yuan. PetroChina Co, the second-biggest player, shed 1.1 percent to 8.72 yuan.
China Shenhua Energy Co, the nation's biggest coal producer, dropped 2.3 percent to 22.65 yuan. Yanzhou Coal Mining Co sank 3.3 percent to 17.48 yuan.
China's biggest gold miner, Zijin Mining Group Co, shrank 2.3 percent to 3.83 yuan. Jiangxi Copper Co, the nation's biggest producer of the metal, fell 2.8 percent to 20.9 yuan.
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