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Shanghai index slumps after Japan earthquake
By Lydia Chen |
March 11, 2011, Friday
|
Online Edition
Online Edition
SHANGHAI stock market extended losses for a second day today as shares swung between gaining and losing territories while markets in other Asian countries all dropped after a massive quake hit Japan.
The Shanghai Composite Index managed to reverse morning losses in early afternoon trading. However, it suddenly headed down and closed 0.79 percent lower to 2,933.80 after a magnitude 8.9 quake struck Japan at 1:46pm Beijing time. Turnover today dipped to 152.65 billion yuan (US$23.23 billion) from yesterday's 166 billion yuan.
The index dipped 0.29 percent this week.
Zhu Bin, an analyst with Tong Xin Securities, said the market will continue to fluctuate around 3,000 points for the short term. But the correction will not hamper the upside trend for the market.
Construction material makers, brokerages and developers were the most lost sectors in the market today.
Huayuan Property Co was the worst performer with a drop of 9.45 percent to 7.09 yuan.
China's consumer price index steadied at 4.9 percent in February, the same as in January, beating analysts forecast that inflation could be lower last month.
The February figure was the fifth time exceeding a 4 percent inflation target set by the central government for this year, which flared concerns again that tightening could be continue to tame inflation.
The Shanghai Composite Index managed to reverse morning losses in early afternoon trading. However, it suddenly headed down and closed 0.79 percent lower to 2,933.80 after a magnitude 8.9 quake struck Japan at 1:46pm Beijing time. Turnover today dipped to 152.65 billion yuan (US$23.23 billion) from yesterday's 166 billion yuan.
The index dipped 0.29 percent this week.
Zhu Bin, an analyst with Tong Xin Securities, said the market will continue to fluctuate around 3,000 points for the short term. But the correction will not hamper the upside trend for the market.
Construction material makers, brokerages and developers were the most lost sectors in the market today.
Huayuan Property Co was the worst performer with a drop of 9.45 percent to 7.09 yuan.
China's consumer price index steadied at 4.9 percent in February, the same as in January, beating analysts forecast that inflation could be lower last month.
The February figure was the fifth time exceeding a 4 percent inflation target set by the central government for this year, which flared concerns again that tightening could be continue to tame inflation.
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