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Shanghai shares drop after declines in US markets
By Ye Zhen |
May 16, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks fell this morning following a drop in US markets as Greek politicians failed to form a coalition government, fueling fears that the debt-stricken country may be forced to exit the euro currency union.
The benchmark Shanghai Composite Index dipped 0.44 percent, or 10.56 points to 2,364.28. Turnover stood at 39.3 billion yuan (US$6.24 billion) after the morning session.
The political impasse in Athens has added uncertainty to the prolonged European debt crisis as Greece may fail to carry out austerity measures required by the terms of its two bailouts.
The S&P 500 Index of US stocks fell 0.6 percent yesterday, while the Stoxx Europe 600 Index dropped 0.7 percent.
New yuan loans were flat at China's four biggest banks in the first two weeks of May, Shanghai Securities News reported today, citing an unnamed source.
China Construction Bank Co lost 1.3 percent to 4.53 yuan, while China Merchants Bank Co fell 1.1 percent to 11.71 yuan. The Industrial and Commercial Bank of China Ltd, the nation's largest lender, shed 0.2 percent to 4.32 yuan.
Consumer electronics producers gained 0.2 -percent on average on speculation a fresh round of government stimulus is on the way, especially purchases of energy-saving, people familiar with the matter said.
Hefei Rongshida Sanyo Electric Co rose 1.4 percent to 8.72 yuan. Hisense Electric Co climbed 1.3 percent to 18.84 yuan.
The benchmark Shanghai Composite Index dipped 0.44 percent, or 10.56 points to 2,364.28. Turnover stood at 39.3 billion yuan (US$6.24 billion) after the morning session.
The political impasse in Athens has added uncertainty to the prolonged European debt crisis as Greece may fail to carry out austerity measures required by the terms of its two bailouts.
The S&P 500 Index of US stocks fell 0.6 percent yesterday, while the Stoxx Europe 600 Index dropped 0.7 percent.
New yuan loans were flat at China's four biggest banks in the first two weeks of May, Shanghai Securities News reported today, citing an unnamed source.
China Construction Bank Co lost 1.3 percent to 4.53 yuan, while China Merchants Bank Co fell 1.1 percent to 11.71 yuan. The Industrial and Commercial Bank of China Ltd, the nation's largest lender, shed 0.2 percent to 4.32 yuan.
Consumer electronics producers gained 0.2 -percent on average on speculation a fresh round of government stimulus is on the way, especially purchases of energy-saving, people familiar with the matter said.
Hefei Rongshida Sanyo Electric Co rose 1.4 percent to 8.72 yuan. Hisense Electric Co climbed 1.3 percent to 18.84 yuan.
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