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Shanghai market dives 3% in morning
By Feng Jianmin |
November 30, 2010, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S stock market tumbled in the morning session following weak European market yesterday as investors remained worried about the debt crisis after Ireland received a bailout.
The Shanghai Composite Index dropped 3 percent, or 87.5 points, to 2,778.9. Turnover grew to 99.2 billion yuan (US$14.9 billion) from yesterday's 73.4 billion yuan. The Shenzhen Composite Index, which tracks the smaller market in southern China, was down 4.4 percent to 1,279.8.
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 GDP.
Meanwhile, Spain and Portugal face more difficulties to raise money as credit default swaps rose for both countries.
Airlines led the decliners after the US dollar index grew to above 81, its highest level in two months. A stronger US dollar adds to the burden for airlines to pay back their debt in the currency. China Southern Airlines slid 6 percent to 8.74 yuan. Air China tumbled 5 percent to 12.23 yuan. Hainan Airlines Co shed 7.5 percent to 9.30 yuan.
Miners extended previous losses. Jiangxi Copper Co fell 4.2 percent to 32.79 yuan. Aluminum Corp of China was down 2.7 percent to 9.94 yuan. Shandong Gold Mining Group Co dipped 0.7 percent to 52.35 yuan. China Shenhua Energy Co, China's largest coal producer, was down 3 percent to 23.94 yuan.
The Shanghai Composite Index dropped 3 percent, or 87.5 points, to 2,778.9. Turnover grew to 99.2 billion yuan (US$14.9 billion) from yesterday's 73.4 billion yuan. The Shenzhen Composite Index, which tracks the smaller market in southern China, was down 4.4 percent to 1,279.8.
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 GDP.
Meanwhile, Spain and Portugal face more difficulties to raise money as credit default swaps rose for both countries.
Airlines led the decliners after the US dollar index grew to above 81, its highest level in two months. A stronger US dollar adds to the burden for airlines to pay back their debt in the currency. China Southern Airlines slid 6 percent to 8.74 yuan. Air China tumbled 5 percent to 12.23 yuan. Hainan Airlines Co shed 7.5 percent to 9.30 yuan.
Miners extended previous losses. Jiangxi Copper Co fell 4.2 percent to 32.79 yuan. Aluminum Corp of China was down 2.7 percent to 9.94 yuan. Shandong Gold Mining Group Co dipped 0.7 percent to 52.35 yuan. China Shenhua Energy Co, China's largest coal producer, was down 3 percent to 23.94 yuan.
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