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Shanghai shares down 1.1% as eurozone woes felt
By Ye Zhen |
August 15, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks retreated today, dragged down by financial stocks amid speculation that the European recession will further weigh on China's economy.
The key Shanghai Composite Index lost 1.1 percent, or 23.58 points to end at 2,118.95 points. Turnover was 46 billion yuan (US$7.2 billion) at the trading close.
The 17-nation eurozone economy shrank 0.2 percent in the second quarter this year, Eurostat, a European statistics agency, said yesterday.
Analysts fear the sluggish economy of Europe would aggravate the pains of China's struggling exporters and threaten the recovery of the world's second largest economy.
Exports to the European Union, China's largest trade partner, have contracted by 3.6 percent in the first seven months this year.
Brokerages lost on speculation China's securities regulator may cut commissions by 20 percent, which would reduce their earnings. Citic Securities, the biggest listed brokerage, fell 1 percent to 10.70 yuan. Haitong Securities Co dropped 2 percent to 8.62 yuan. Soochow Securities Co lost 2.5 percent to 7.55 yuan.
Lenders posted a weak run as their bad loans increased for a third consecutive quarter. Shanghai Pudong Development Bank slumped 2.8 percent to 7.58 yuan. China Merchants Bank Co dropped 2.3 percent to 9.94 yuan. Bank of Communications Co slid 1.3 percent to 4.42 yuan.
Oil-related stocks also fell. China Oilfield Services Ltd lost 2.7 percent to close at 16.88 yuan. Offshore Oil Engineering Co sank 3.2 percent to 5.81 yuan. China Petroleum and Chemical Co, China's largest oil refiner, shed 1 percent to 6.13 yuan. PetroChina Co, the second biggest player, dipped 0.8 percent to 8.91 yuan.
The key Shanghai Composite Index lost 1.1 percent, or 23.58 points to end at 2,118.95 points. Turnover was 46 billion yuan (US$7.2 billion) at the trading close.
The 17-nation eurozone economy shrank 0.2 percent in the second quarter this year, Eurostat, a European statistics agency, said yesterday.
Analysts fear the sluggish economy of Europe would aggravate the pains of China's struggling exporters and threaten the recovery of the world's second largest economy.
Exports to the European Union, China's largest trade partner, have contracted by 3.6 percent in the first seven months this year.
Brokerages lost on speculation China's securities regulator may cut commissions by 20 percent, which would reduce their earnings. Citic Securities, the biggest listed brokerage, fell 1 percent to 10.70 yuan. Haitong Securities Co dropped 2 percent to 8.62 yuan. Soochow Securities Co lost 2.5 percent to 7.55 yuan.
Lenders posted a weak run as their bad loans increased for a third consecutive quarter. Shanghai Pudong Development Bank slumped 2.8 percent to 7.58 yuan. China Merchants Bank Co dropped 2.3 percent to 9.94 yuan. Bank of Communications Co slid 1.3 percent to 4.42 yuan.
Oil-related stocks also fell. China Oilfield Services Ltd lost 2.7 percent to close at 16.88 yuan. Offshore Oil Engineering Co sank 3.2 percent to 5.81 yuan. China Petroleum and Chemical Co, China's largest oil refiner, shed 1 percent to 6.13 yuan. PetroChina Co, the second biggest player, dipped 0.8 percent to 8.91 yuan.
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