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Shanghai index dives to 1-year low on US downgrade
By Lydia Chen |
August 8, 2011, Monday
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Online Edition
Online Edition
SHANGHAI'S key stock index posted the biggest drop in nearly nine months today as investors scrambled to dump shares following Standard & Poor's downgrade of the long-term credit rating of the United States on Friday.
Fears of a spreading debt crisis in Europe accelerated panic selling, dragging the Shanghai Composite Index down 3.79 percent, the biggest daily fall since November 16, to 2,526.82, the lowest since July 19.
The price of gold hit a record high of above US$1,700 an ounce for the first time amid the global equity slump as investors seek haven.
"The black Monday was a result of reduced confidence among investors after America's loss of its top credit rating," said Gao Ting, head of wealth management research and chief China strategist of UBS. "Their question is whether China's growth would be hampered when there's a financial crisis going on outside the country."
The concerns were spoken out loud and clear in today's trading with shares of companies whose performances are closely connected to the country's growth pacing the tumbles among all sectors.
Jiangxi Copper, the nation's largest copper producer, dived 7.24 percent to 9.22 yuan (US$1.43). Fujian Cement Co shed 9.02 percent to 12.21 yuan. China Petroleum & Chemical Corp sank 4.59 percent to 7.07 yuan. China COSCO Holdings Co, the nation's biggest listed shipping company, skipped 6.5 percent to 6.9 yuan.
Fears of a spreading debt crisis in Europe accelerated panic selling, dragging the Shanghai Composite Index down 3.79 percent, the biggest daily fall since November 16, to 2,526.82, the lowest since July 19.
The price of gold hit a record high of above US$1,700 an ounce for the first time amid the global equity slump as investors seek haven.
"The black Monday was a result of reduced confidence among investors after America's loss of its top credit rating," said Gao Ting, head of wealth management research and chief China strategist of UBS. "Their question is whether China's growth would be hampered when there's a financial crisis going on outside the country."
The concerns were spoken out loud and clear in today's trading with shares of companies whose performances are closely connected to the country's growth pacing the tumbles among all sectors.
Jiangxi Copper, the nation's largest copper producer, dived 7.24 percent to 9.22 yuan (US$1.43). Fujian Cement Co shed 9.02 percent to 12.21 yuan. China Petroleum & Chemical Corp sank 4.59 percent to 7.07 yuan. China COSCO Holdings Co, the nation's biggest listed shipping company, skipped 6.5 percent to 6.9 yuan.
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