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Shanghai index echoes Wall Street tumble
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Shanghai stocks sank this morning as the losses of papermakers outweighed the gains of gold producers, trading and logistics firms.
The key Shanghai Composite Index shed 0.24 percent to 2,098.52 points. Half-day turnover was 72.4 billion yuan (US$11.9 billion).
The trading was affected by an overnight slump on Wall Street as fear grew over possible US military intervention in Syria.
The Dow Jones Industrial Average lost 1.1 percent to close at a two-month low. The Standard & Poor's 500 Index fell 1.6 percent, while the NASDAQ Composite dropped 2.2 percent.
Papermakers were the biggest decliners amid worry that the import cost of raw materials would increase once the US launches air strikes on Syria.
Yanbian Shixian Bailu Papermaking Co lost 2.5 percent to 4.38 yuan. Minfeng Special Paper Co fell 1.9 percent to 7.18 yuan.
PetroChina, the country’s biggest oil producers, added to the slump, shedding 1.1 percent to 7.90 yuan after authorities said four of its senior executives were probed on corruption charges.
Gold shares advanced as speculators believed the escalation of war in Syria may spur demand.
Shandong Gold Mining Co surged 9.1 percent to 25.08 yuan. Zhongjin Gold Corp jumped 8.8 percent to 10.84 yuan.
Trading and logistics firms continued a strong run, boosted by the establishment of a free trade zone in Shanghai.
Shanghai Material Trading Co leapt by the daily limit of 10 percent to 11.99 yuan. Orient International Enterprise jumped 9 percent to 10.64 yuan. Shanghai International Port (Group) Co advanced 10 percent to 3.74 yuan.
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