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Shanghai stocks overshadowed by Europe debt crisis
By Lu Nengneng |
April 24, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index edged up today after tumbling the most in almost a month amid renewed worries over the European debt crisis.
The key benchmark Shanghai Composite Index gained 0.01 percent to 2,388.83 points after obliterating a 1.44 percent loss in early trading. Turnover stood at 117.5 billion yuan (US$18.6 billion).
Financial and property heavyweights paced the rebound in the afternoon while shipping and trading sectors remained bearish as Europe, China's second largest trading partner, is facing a looming backlash against austerity policies to cure its debt crisis.
Francois Hollande, the French presidential hopeful who won the first round of election last week, promised to renegotiate the current fiscal union treaty agreed by European leaders. Meanwhile, Dutch Prime Minister Mark Rutte reportedly offered his cabinet's resignation in a revolt against budget cuts.
China Shipping Container Lines Co sank 3.4 percent to 3.1 yuan. China Shipping Development Co lost 0.8 to 6.13 yuan. Guangdong Huawei Toys Craft Co slumped 3.29 percent to 18.5 yuan.
Banks rose on hopes of monetary easing to halt China's own economic slowdown. China Construction Bank gained 0.8 percent to 4.77 yuan. Agriculture Bank of China went up 1.1 percent to 2.74 yuan.
Property developers strengthened as the Ministry of Housing and Urban-Rural Development is reportedly working on policies in favor of homebuyers. China Vanke jumped 0.4 percent to 8.63 yuan. China Merchants Property Development advanced 1.3 percent to 21.83 yuan.
The key benchmark Shanghai Composite Index gained 0.01 percent to 2,388.83 points after obliterating a 1.44 percent loss in early trading. Turnover stood at 117.5 billion yuan (US$18.6 billion).
Financial and property heavyweights paced the rebound in the afternoon while shipping and trading sectors remained bearish as Europe, China's second largest trading partner, is facing a looming backlash against austerity policies to cure its debt crisis.
Francois Hollande, the French presidential hopeful who won the first round of election last week, promised to renegotiate the current fiscal union treaty agreed by European leaders. Meanwhile, Dutch Prime Minister Mark Rutte reportedly offered his cabinet's resignation in a revolt against budget cuts.
China Shipping Container Lines Co sank 3.4 percent to 3.1 yuan. China Shipping Development Co lost 0.8 to 6.13 yuan. Guangdong Huawei Toys Craft Co slumped 3.29 percent to 18.5 yuan.
Banks rose on hopes of monetary easing to halt China's own economic slowdown. China Construction Bank gained 0.8 percent to 4.77 yuan. Agriculture Bank of China went up 1.1 percent to 2.74 yuan.
Property developers strengthened as the Ministry of Housing and Urban-Rural Development is reportedly working on policies in favor of homebuyers. China Vanke jumped 0.4 percent to 8.63 yuan. China Merchants Property Development advanced 1.3 percent to 21.83 yuan.
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