Shanghai index dips as US debt crisis looms
By Lydia Chen |
July 30, 2011, Saturday
|
Print Edition
Print Edition
SHARES in Shanghai yesterday fell for a second straight day, sending the benchmark index to the biggest weekly drop in two months, as blue chips continued to decline amid increasing concerns over the US debt crisis.
The Shanghai Composite Index shed 0.3 percent to 2,701.73. The index lost 2.5 percent this week, the most since the five-day period through May 27.
Coal and metal producers were among the largest drags yesterday while oil producers also weighed on the market after oil futures headed for the first weekly decline in five weeks amid concerns that US lawmakers will fail to reach an agreement to raise the country's debt limit. The failure to reach an agreement by the deadline next Tuesday would likely have global repercussions and have a detrimental effect on China's economy.
Yanzhou Coal Mining sank 2.8 percent to 32.55 yuan. Jiangxi Copper declined 2.3 percent to close at 36.08 yuan. PetroChina declined 1 percent to 10.68 yuan.
The Shanghai Composite Index shed 0.3 percent to 2,701.73. The index lost 2.5 percent this week, the most since the five-day period through May 27.
Coal and metal producers were among the largest drags yesterday while oil producers also weighed on the market after oil futures headed for the first weekly decline in five weeks amid concerns that US lawmakers will fail to reach an agreement to raise the country's debt limit. The failure to reach an agreement by the deadline next Tuesday would likely have global repercussions and have a detrimental effect on China's economy.
Yanzhou Coal Mining sank 2.8 percent to 32.55 yuan. Jiangxi Copper declined 2.3 percent to close at 36.08 yuan. PetroChina declined 1 percent to 10.68 yuan.
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