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Shanghai stocks sag over European market uncertainties
By Lu Nengneng |
April 24, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index slumped in morning trading, taking cues from the tumbling European market which was overshadowed by a worsening debt crisis.
The key benchmark Shanghai Composite Index shed 1.4 percent to 2,355.17 points. Turnover stood at 70.9 billion yuan (US$11.3 billion).
The Stoxx Europe 600 Index slid 2.3 percent to a three-month low yesterday amid renewed concerns over a backlash against austerity measures to pull eurozone out of its mounting debt.
The concerns were fueled by Francois Hollande, a leftist who pledged to renegotiate the fiscal union treaty reached earlier by European leaders if he becomes French president. Hollande won the first round of election last week.
Investors became more jittery after Dutch Prime Minister Mark Rutte offered his cabinet's resignation yesterday in a revolt against budget cuts.
Shippers sank in the morning over the cloudy economic outlook of Europe, which is China's second largest trading partner.
China COSCO Holdings, Asia's biggest shipper, dropped 1.1 percent to 5.33 yuan. China Shipping Container Lines Co slumped 3.1 percent to 3.11 yuan.
The key benchmark Shanghai Composite Index shed 1.4 percent to 2,355.17 points. Turnover stood at 70.9 billion yuan (US$11.3 billion).
The Stoxx Europe 600 Index slid 2.3 percent to a three-month low yesterday amid renewed concerns over a backlash against austerity measures to pull eurozone out of its mounting debt.
The concerns were fueled by Francois Hollande, a leftist who pledged to renegotiate the fiscal union treaty reached earlier by European leaders if he becomes French president. Hollande won the first round of election last week.
Investors became more jittery after Dutch Prime Minister Mark Rutte offered his cabinet's resignation yesterday in a revolt against budget cuts.
Shippers sank in the morning over the cloudy economic outlook of Europe, which is China's second largest trading partner.
China COSCO Holdings, Asia's biggest shipper, dropped 1.1 percent to 5.33 yuan. China Shipping Container Lines Co slumped 3.1 percent to 3.11 yuan.
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