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Shanghai stocks sink on news of government debts
By Feng Jianmin |
June 28, 2011, Tuesday
|
Online Edition
Online Edition
Shanghai's key stock index fell for the first time in six days, led by banks and cement producers.
The benchmark Shanghai Composite Index lost 0.6 percent to 2,741.65 points. Turnover shrank to 56.3 billion yuan (US$8.7 billion) from yesterday morning's 67.4 billion yuan.
Banks extended yesterday's losses after China's top audit office said local governments are 10.7 trillion yuan in debt, raising worries that the governments will struggle to repay their loans. China Merchants Bank shed 1.7 percent to 13.04 yuan. China Industrial Bank fell 1.7 percent to 13.61 yuan.
Cement producers led the decliners. Tangshan Jidong Cement Co slid 3.5 percent to 24.08 yuan. Huaxin Cement Co lost 3 percent to 24.73 yuan.
Distillers gained. Sichuan Shuijingfang Co jumped 6 percent to 22.51 yuan after the UK-based Diageo acquired a controlling stake in the company's parent Chengdu Quanxing Group and would fund its acquisition of Shuijingfang through "diversified financing sources and strong global cash generation." Shanxi Xinghuacun Fen Wine Factory Co rose 3.3 percent to 69.80 yuan.
The benchmark Shanghai Composite Index lost 0.6 percent to 2,741.65 points. Turnover shrank to 56.3 billion yuan (US$8.7 billion) from yesterday morning's 67.4 billion yuan.
Banks extended yesterday's losses after China's top audit office said local governments are 10.7 trillion yuan in debt, raising worries that the governments will struggle to repay their loans. China Merchants Bank shed 1.7 percent to 13.04 yuan. China Industrial Bank fell 1.7 percent to 13.61 yuan.
Cement producers led the decliners. Tangshan Jidong Cement Co slid 3.5 percent to 24.08 yuan. Huaxin Cement Co lost 3 percent to 24.73 yuan.
Distillers gained. Sichuan Shuijingfang Co jumped 6 percent to 22.51 yuan after the UK-based Diageo acquired a controlling stake in the company's parent Chengdu Quanxing Group and would fund its acquisition of Shuijingfang through "diversified financing sources and strong global cash generation." Shanxi Xinghuacun Fen Wine Factory Co rose 3.3 percent to 69.80 yuan.
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