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Shanghai index slumps on weaker European markets
By Feng Jianmin |
November 30, 2010, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S key index fell today following weak European markets yesterday as investors remained worried about the European debt crisis after Ireland received a bailout.
The Shanghai Composite Index fell 1.6 percent, or 46.2 points to 2,820.2. Turnover grew to 176.3 billion yuan (US$ 26.5 billion) from yesterday's 134 billion yuan.
The gauge dropped as much as 3.6 percent in the midday, but the losses were narrowed as blue chips lifted the index in the afternoon.
The Shenzhen Composite Index, which tracks the smaller market in southern China, was down 2.4 percent to 1,307.8.
Sentiment was low as the European markets tumbled overnight on pessimism about the European debt crisis. Spain and Portugal face more difficulties to raise money as credit default swaps rose for both countries.
Analysts were suspicious whether the Ireland will be able to pay back its bailout loan, which will be about a quarter of the country's gross domestic product.
Meanwhile, China's State Council proposed a plan yesterday to impose more severe punishment against speculation and price manipulation. Worries were intensified that measures to control prices may harm the country's economic growth.
Airlines led the decliners after the US dollar index grew to above 81, its highest level in two months, on concerns that stronger US dollar may add to the burden for airlines to pay back their debt in the currency. China Southern Airlines slid 4.2 percent to 8.90 yuan. Air China lost 3.3 percent to 12.45 yuan. Hainan Airlines Co shed 5.8 percent to 9.47 yuan.
Miners were mixed after a rebound of metal prices overseas. Jiangxi Copper Co grew 2.9 percent to 35.20 yuan. Aluminum Corp of China was down 1.2 percent to 10.10 yuan. Shandong Gold Mining Group Co added 1.3 percent to 53.42 yuan. China Shenhua Energy Co, China's largest coal producer, was fell 2 percent to 24.21 yuan.
The Shanghai Composite Index fell 1.6 percent, or 46.2 points to 2,820.2. Turnover grew to 176.3 billion yuan (US$ 26.5 billion) from yesterday's 134 billion yuan.
The gauge dropped as much as 3.6 percent in the midday, but the losses were narrowed as blue chips lifted the index in the afternoon.
The Shenzhen Composite Index, which tracks the smaller market in southern China, was down 2.4 percent to 1,307.8.
Sentiment was low as the European markets tumbled overnight on pessimism about the European debt crisis. Spain and Portugal face more difficulties to raise money as credit default swaps rose for both countries.
Analysts were suspicious whether the Ireland will be able to pay back its bailout loan, which will be about a quarter of the country's gross domestic product.
Meanwhile, China's State Council proposed a plan yesterday to impose more severe punishment against speculation and price manipulation. Worries were intensified that measures to control prices may harm the country's economic growth.
Airlines led the decliners after the US dollar index grew to above 81, its highest level in two months, on concerns that stronger US dollar may add to the burden for airlines to pay back their debt in the currency. China Southern Airlines slid 4.2 percent to 8.90 yuan. Air China lost 3.3 percent to 12.45 yuan. Hainan Airlines Co shed 5.8 percent to 9.47 yuan.
Miners were mixed after a rebound of metal prices overseas. Jiangxi Copper Co grew 2.9 percent to 35.20 yuan. Aluminum Corp of China was down 1.2 percent to 10.10 yuan. Shandong Gold Mining Group Co added 1.3 percent to 53.42 yuan. China Shenhua Energy Co, China's largest coal producer, was fell 2 percent to 24.21 yuan.
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