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Shanghai index down on record surge of Spanish bond yields
By Ye Zhen |
June 19, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks edged down this morning after Spanish bond yields surged to a euro-era record high yesterday, overshadowing the optimism that Greek elections may calm the debt crisis.
The benchmark Shanghai Composite Index lost 0.47 percent, or 10.91 points, to 2305.14 points. Turnover stood at 30.8 billion yuan (US$4.9 billion) by midday.
Spain's 10-year bond yield soared 41 basis points to 7.29 percent yesterday, the most since the euro was introduced in 1999, raising fears that Spain may follow Greece to ask for more financial support as the debt crisis spreads.
Eurozone finance ministers on Saturday agreed on a deal to provide Spainish banks a bailout worth up to 100 billion euros (US$124.9 billion).
Cement producers in Shanghai trading led the market down. Anhui Conch Cement Co, China's biggest cement producer, lost 0.2 percent to 16.17 yuan; Zhejiang Jianfeng Group fell 2.4 percent to 12.64 yuan.
Most property developers are losers as home prices declined in May in more Chinese cities. China Vanke, the nation's biggest developer, fell 0.8 percent to 9.12 yuan; Poly Real Estate, the second largest developer, shed 0.8 percent to 11.90 yuan; Gemdale Corporation dropped 1.6 percent to 6.95 yuan.
Pharmaceutical companies gained in the morning trading. Guangzhou Pharmaceutical Co soared 5.9 percent to 24.30 yuan; Yabao Pharmaceutical Group Co jumped 5.5 percent to 7.16 yuan; Beijing Tongrentang Co, a producer of traditional Chinese medicines, added 1.1 percent to 16.52 yuan.
The benchmark Shanghai Composite Index lost 0.47 percent, or 10.91 points, to 2305.14 points. Turnover stood at 30.8 billion yuan (US$4.9 billion) by midday.
Spain's 10-year bond yield soared 41 basis points to 7.29 percent yesterday, the most since the euro was introduced in 1999, raising fears that Spain may follow Greece to ask for more financial support as the debt crisis spreads.
Eurozone finance ministers on Saturday agreed on a deal to provide Spainish banks a bailout worth up to 100 billion euros (US$124.9 billion).
Cement producers in Shanghai trading led the market down. Anhui Conch Cement Co, China's biggest cement producer, lost 0.2 percent to 16.17 yuan; Zhejiang Jianfeng Group fell 2.4 percent to 12.64 yuan.
Most property developers are losers as home prices declined in May in more Chinese cities. China Vanke, the nation's biggest developer, fell 0.8 percent to 9.12 yuan; Poly Real Estate, the second largest developer, shed 0.8 percent to 11.90 yuan; Gemdale Corporation dropped 1.6 percent to 6.95 yuan.
Pharmaceutical companies gained in the morning trading. Guangzhou Pharmaceutical Co soared 5.9 percent to 24.30 yuan; Yabao Pharmaceutical Group Co jumped 5.5 percent to 7.16 yuan; Beijing Tongrentang Co, a producer of traditional Chinese medicines, added 1.1 percent to 16.52 yuan.
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