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Shanghai index posts biggest loss in one month
By Lydia Chen |
February 22, 2011, Tuesday
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Online Edition
Online Edition
SHANGHAI key stock index posted the biggest tumble in one month today, taking cues from global markets that retreated on increasing concerns over worsening situation in main oil-exporter Libya.
The plunge, the biggest daily loss since January 20, was also a combined result from shrinking liquidity in the market along with profit taking after previous hefty gains, analysts said.
The Shanghai Composite Index lost 2.62 percent to 2,855.52. Turnover, however, rose to 191.78 billion yuan (US$29.19 billion) from yesterday's 146 billion yuan.
The mounting revolt in Libya and Middle East countries is deepening worries that these upheavals could push up crude oil prices even higher, thus further inflame China's inflation problem which the government is doing its best to address, managers with China Nature Asset Management Co said in a note today.
Heavyweights PetroChina and Sinopec both sank as the two biggest Chinese oil makers rely heavily on imports to make profits.
PetroChina decreased 1.02 percent while Sinopec plunged 5.72 percent.
More than half of China's oil consumption relies on imports from other countries. Libya is the holder of the largest crude reserves in Africa. The country already decreased its daily oil production by 50,000 barrels per day because of the current instability.
The plunge, the biggest daily loss since January 20, was also a combined result from shrinking liquidity in the market along with profit taking after previous hefty gains, analysts said.
The Shanghai Composite Index lost 2.62 percent to 2,855.52. Turnover, however, rose to 191.78 billion yuan (US$29.19 billion) from yesterday's 146 billion yuan.
The mounting revolt in Libya and Middle East countries is deepening worries that these upheavals could push up crude oil prices even higher, thus further inflame China's inflation problem which the government is doing its best to address, managers with China Nature Asset Management Co said in a note today.
Heavyweights PetroChina and Sinopec both sank as the two biggest Chinese oil makers rely heavily on imports to make profits.
PetroChina decreased 1.02 percent while Sinopec plunged 5.72 percent.
More than half of China's oil consumption relies on imports from other countries. Libya is the holder of the largest crude reserves in Africa. The country already decreased its daily oil production by 50,000 barrels per day because of the current instability.
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