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Shanghai shares slide amid gloomy global outlook
By Feng Jianmin |
August 25, 2010, Wednesday
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Online Edition
Online Edition
SHANGHAI'S key stock index tumbled the most in two weeks among weak neighboring markets on worries about a slowdown in global economic growth after the US home sales dropped to 15-year low in July.
The benchmark Shanghai Composite shed 2 percent, or 53.73 points, to close at 2,596.58 points. Turnover stood at 108.2 billion yuan (US$ 15.9 billion) slightly higher than yesterday's 106.3 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, closed 2.12 percent lower at 1,111.52 points.
Coal miners were weak after Datong Coal Industry Co reported a 13.06 percent drop in net profit in the first half this year from a year earlier. Its share lost 3 percent to 16.19 yuan. China Shenhua Energy Co, the nation's largest coal producer, fell 2.9 percent to 23.79 yuan. China Coal Energy Co went down 2.23 percent to 9.63 yuan.
Property developers led index lower after Xu Lin, head of treasury and financial department of the National Development and Reform Commission, said yesterday that China will push property tax reforms. China Vanke fell 3.95 percent to 8.50 yuan. Gemdale Corp lost 3.39 percent to 6.56 yuan. China Merchants Property Development Co declined 5.62 percent to 19.30 yuan.
Airlines dropped after a plane crashed in northeast Heilongjiang Province yesterday. Concerns were also aroused that airlines' operation cost may grow as yuan went weak against the US dollar. China Eastern Airlines Corp retreated 3.18 percent to 7.31 yuan. China Southern Airlines Co declined 3.92 percent to 7.11 yuan. Air China lost 2.15 percent to 11.39 yuan.
The benchmark Shanghai Composite shed 2 percent, or 53.73 points, to close at 2,596.58 points. Turnover stood at 108.2 billion yuan (US$ 15.9 billion) slightly higher than yesterday's 106.3 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, closed 2.12 percent lower at 1,111.52 points.
Coal miners were weak after Datong Coal Industry Co reported a 13.06 percent drop in net profit in the first half this year from a year earlier. Its share lost 3 percent to 16.19 yuan. China Shenhua Energy Co, the nation's largest coal producer, fell 2.9 percent to 23.79 yuan. China Coal Energy Co went down 2.23 percent to 9.63 yuan.
Property developers led index lower after Xu Lin, head of treasury and financial department of the National Development and Reform Commission, said yesterday that China will push property tax reforms. China Vanke fell 3.95 percent to 8.50 yuan. Gemdale Corp lost 3.39 percent to 6.56 yuan. China Merchants Property Development Co declined 5.62 percent to 19.30 yuan.
Airlines dropped after a plane crashed in northeast Heilongjiang Province yesterday. Concerns were also aroused that airlines' operation cost may grow as yuan went weak against the US dollar. China Eastern Airlines Corp retreated 3.18 percent to 7.31 yuan. China Southern Airlines Co declined 3.92 percent to 7.11 yuan. Air China lost 2.15 percent to 11.39 yuan.
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