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Shanghai index sinks to below 3,000 points
By Ding Yining and Feng Jianmin |
April 19, 2011, Tuesday
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Online Edition
Online Edition
THE Shanghai stock index dropped the most in nearly two months after energy producers and financial sector eased among concerns that continuous tightening policy will hurt economic development.
The benchmark Shanghai Composite Index sank 1.91 percent, or 58.29 points, to 2,999.04. Turnover was 95.8167.9 billion yuan (US$25.6 billion), slightly higher than yesterday's 160.81 billion yuan.
Standard & Poor yesterday put the US sovereign AAA debt rating on watch for a possible downgrade, and the borrowing cost of the Greece jumped to a historical high since the euro was launched.
Meanwhile, concerns about China's own economic growth intensified among weak sentiment on faster inflation and tightening monetary policies.
"Global stock markets were weak as investors reduced their risk appetite on concerns about worsening Europe crisis and possible downgrade of the US sovereign debt," said Que Feng, a strategist with CITIC Securities. "China's market will keep fluctuating in the second quarter until property prices and inflation are tamed."
He predicted that the benchmark index may drop to as low as 2,600 to 2,700 points in the second quarter.
Metal producers and oil companies closed lower after oil traded near a three-day low in New York among fears that worsening economic outlook may curb demand.
Jiangxi Copper Co sank 3.5 percent to 37.69 yuan. Aluminum Corporation of China retreated 3.9 percent to 11.23 yuan.
PetroChina, the largest oil producer and biggest heavyweight in the market, fell 2 percent to 11.87 yuan. Sinopec dropped 0.9 percent to 8.97 yuan.
Banks and brokerages were also among the losers. Shanghai Pudong Development Bank lost 2.8 percent to 14.58 yuan. Agricultural Bank of China lowered 2.4 percent to 2.91 yuan.
Property developers retreated from yesterday's gains.
China Vanke Co lost 2 percent to 8.78 yuan. Gemdale Corporation was down 2.6 percent to 6.75 yuan.
Henan Shuanghui fell the daily limit of 10 percent to 70.15 yuan as it resumes trading today after it was suspended a month ago, following a China Central Television report that its meat products contained banned additive.
The benchmark Shanghai Composite Index sank 1.91 percent, or 58.29 points, to 2,999.04. Turnover was 95.8167.9 billion yuan (US$25.6 billion), slightly higher than yesterday's 160.81 billion yuan.
Standard & Poor yesterday put the US sovereign AAA debt rating on watch for a possible downgrade, and the borrowing cost of the Greece jumped to a historical high since the euro was launched.
Meanwhile, concerns about China's own economic growth intensified among weak sentiment on faster inflation and tightening monetary policies.
"Global stock markets were weak as investors reduced their risk appetite on concerns about worsening Europe crisis and possible downgrade of the US sovereign debt," said Que Feng, a strategist with CITIC Securities. "China's market will keep fluctuating in the second quarter until property prices and inflation are tamed."
He predicted that the benchmark index may drop to as low as 2,600 to 2,700 points in the second quarter.
Metal producers and oil companies closed lower after oil traded near a three-day low in New York among fears that worsening economic outlook may curb demand.
Jiangxi Copper Co sank 3.5 percent to 37.69 yuan. Aluminum Corporation of China retreated 3.9 percent to 11.23 yuan.
PetroChina, the largest oil producer and biggest heavyweight in the market, fell 2 percent to 11.87 yuan. Sinopec dropped 0.9 percent to 8.97 yuan.
Banks and brokerages were also among the losers. Shanghai Pudong Development Bank lost 2.8 percent to 14.58 yuan. Agricultural Bank of China lowered 2.4 percent to 2.91 yuan.
Property developers retreated from yesterday's gains.
China Vanke Co lost 2 percent to 8.78 yuan. Gemdale Corporation was down 2.6 percent to 6.75 yuan.
Henan Shuanghui fell the daily limit of 10 percent to 70.15 yuan as it resumes trading today after it was suspended a month ago, following a China Central Television report that its meat products contained banned additive.
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