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Shanghai index closes at lowest level in 6 weeks
By Feng Jianmin |
November 16, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI stocks fell to their the lowest level in more than six weeks today, dragged down by oil producers after China cut fuel prices early this morning.
The benchmark Shanghai Composite Index fell 0.77 percent to 2,014.73 points, the lowest since September 26.
The index slid 2.6 percent this week, the biggest decline among Asia's major markets, according to data from the Bloomberg.
China's largest oil producers slumped after gasoline and diesel prices were cut by more than 3 percent. Analysts said the price cuts may drag them deeper into the red in their refining business.
Heavy weight PetroChina Co lost 0.5 percent to 8.57 yuan. China Petroleum and Chemical Corp, also known as SinoPec, sank 2 percent to 6.04 yuan.
Banks also retreated after data released by the China Banking Regulatory Commission showed their asset quality deteriorated in the third quarter. Bank of China dropped 2.1 percent to 2.75 yuan. China Merchants Bank shed 0.6 percent to 9.96 yuan.
The benchmark Shanghai Composite Index fell 0.77 percent to 2,014.73 points, the lowest since September 26.
The index slid 2.6 percent this week, the biggest decline among Asia's major markets, according to data from the Bloomberg.
China's largest oil producers slumped after gasoline and diesel prices were cut by more than 3 percent. Analysts said the price cuts may drag them deeper into the red in their refining business.
Heavy weight PetroChina Co lost 0.5 percent to 8.57 yuan. China Petroleum and Chemical Corp, also known as SinoPec, sank 2 percent to 6.04 yuan.
Banks also retreated after data released by the China Banking Regulatory Commission showed their asset quality deteriorated in the third quarter. Bank of China dropped 2.1 percent to 2.75 yuan. China Merchants Bank shed 0.6 percent to 9.96 yuan.
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