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Shanghai shares drop, taking cue from tumbles in US
By Joyce Pan |
February 5, 2010, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock index fell nearly 2 percent in the morning session, set to drive the index to a third straight weekly loss, following tumbles in surrounding markets overnight on concerns the global economic recovery may falter.
The benchmark Shanghai Composite Index plunged 1.78 percent, or 53.42 points, to close at 2,941.89 points. Turnover stood at 66.4 billion yuan (US$9.76 billion) at midday break. Losers outnumbered gainers 727 to 150 and 14 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 1.69 percent to close at 1,100.86 points.
Budget deficits in countries such as Greek, Portugal, Spanish have fanned investor concerns over a credit crisis.
Standard & Poor's 500 Index in the US slid 4.7 percent and Europe's Dow Jones Stoxx 600 Index fell 4.4 percent.
On the domestic front, the Shanghai Stock Exchange said yesterday it is all ready to start the international board and is waiting for state regulators' approval, strengthening concerns over the market liquidity.
Commodity producers led the decliners after prices tumbled amid the gloomy economic outlook. Aluminum Corp of China, the nation's biggest maker of the lightweight metal, retreated 3.8 percent to 12.06 yuan. Jiangxi Copper Co decreased 3.5 percent to 33.43 yuan.
Baoshan Iron & Steel Co eased 2.6 percent to 7.4 yuan. Angang Steel Co slid 3.4 percent to 11.24 yuan and Wuhan Iron & Steel Co was down 2.2 percent to 6.56 yuan.
PetroChina, the biggest component of the index, was off 1.6 percent to 12.71 yuan. Sinopec, Asia's largest oil refiner, fell 2.5 percent to 10.91 yuan.
The benchmark Shanghai Composite Index plunged 1.78 percent, or 53.42 points, to close at 2,941.89 points. Turnover stood at 66.4 billion yuan (US$9.76 billion) at midday break. Losers outnumbered gainers 727 to 150 and 14 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 1.69 percent to close at 1,100.86 points.
Budget deficits in countries such as Greek, Portugal, Spanish have fanned investor concerns over a credit crisis.
Standard & Poor's 500 Index in the US slid 4.7 percent and Europe's Dow Jones Stoxx 600 Index fell 4.4 percent.
On the domestic front, the Shanghai Stock Exchange said yesterday it is all ready to start the international board and is waiting for state regulators' approval, strengthening concerns over the market liquidity.
Commodity producers led the decliners after prices tumbled amid the gloomy economic outlook. Aluminum Corp of China, the nation's biggest maker of the lightweight metal, retreated 3.8 percent to 12.06 yuan. Jiangxi Copper Co decreased 3.5 percent to 33.43 yuan.
Baoshan Iron & Steel Co eased 2.6 percent to 7.4 yuan. Angang Steel Co slid 3.4 percent to 11.24 yuan and Wuhan Iron & Steel Co was down 2.2 percent to 6.56 yuan.
PetroChina, the biggest component of the index, was off 1.6 percent to 12.71 yuan. Sinopec, Asia's largest oil refiner, fell 2.5 percent to 10.91 yuan.
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