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Shanghai stocks lose on tumbles in US markets
By Joyce Pan |
May 7, 2010, Friday
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Online Edition
Online Edition
SHANGHAI'S shares extended losses in the morning session following tumbles in US markets on concerns that the debt crisis in Europe would spread.
The benchmark Shanghai Composite Index dropped 0.69 percent, or 18.94 points, to end at 2,720.76 points. Turnover stood at 58.8 billion yuan (US$8.6 billion). Losers outnumbered gainers 522 to 329 and 28 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 0.63 percent to close at 1,081.42 points.
"A debt crisis in Europe seems to escalate after Moody's warned Portugal of possible downgrade, leading to instabilities in surrounding markets," Galaxy Securities Co wrote in a research note. "That posed a negative impact on the local stock market."
The Dow Jones Industrial Average fell as much as 9.2 percent, almost 1,000 points, during trading before paring the decline overnight. That was its biggest intraday percentage loss since 1987 as the debt concern triggered a broad selling-off.
Commodity producers led the decliners on speculations the demand for raw materials will falter due to the crisis. Jiangxi Copper lost 1.7 percent to 30.18 yuan. Aluminum Corp. of China Ltd., the nation's biggest maker of the lightweight metal, fell 1.8 percent to 10.33 yuan.
PetroChina Co, the nation's biggest oil producer and largest component of the index, slid 1.7 percent to 11.12 yuan. Sinopec, Asia's largest oil refiner, retreated 1.7 percent to 9.17 yuan.
The benchmark Shanghai Composite Index dropped 0.69 percent, or 18.94 points, to end at 2,720.76 points. Turnover stood at 58.8 billion yuan (US$8.6 billion). Losers outnumbered gainers 522 to 329 and 28 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 0.63 percent to close at 1,081.42 points.
"A debt crisis in Europe seems to escalate after Moody's warned Portugal of possible downgrade, leading to instabilities in surrounding markets," Galaxy Securities Co wrote in a research note. "That posed a negative impact on the local stock market."
The Dow Jones Industrial Average fell as much as 9.2 percent, almost 1,000 points, during trading before paring the decline overnight. That was its biggest intraday percentage loss since 1987 as the debt concern triggered a broad selling-off.
Commodity producers led the decliners on speculations the demand for raw materials will falter due to the crisis. Jiangxi Copper lost 1.7 percent to 30.18 yuan. Aluminum Corp. of China Ltd., the nation's biggest maker of the lightweight metal, fell 1.8 percent to 10.33 yuan.
PetroChina Co, the nation's biggest oil producer and largest component of the index, slid 1.7 percent to 11.12 yuan. Sinopec, Asia's largest oil refiner, retreated 1.7 percent to 9.17 yuan.
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