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Shares decline after global markets stumble
By Ye Zhen |
June 26, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks dropped this morning after global markets stumbled overnight amid concern the eurozone may not be able to halt the escalating debt crisis at the two-day European Union summit this week.
The benchmark Shanghai Composite Index lost 0.45 percent to 2,214.11 points. Turnover stood at 27.1 billion yuan (US$4.3 billion) in the morning session.
US stocks fell yesterday amid fading optimism over the EU meeting. The S&P 500 Index lost 1.62 percent to 1,313.26. The Dow Jones Industrial Average was down 1.16 percent to 12,493.84 and the Nasdaq Composite Index declined 1.85 percent to 2,838.94.
European leaders will gather on Thursday and Friday in Brussels to discuss a plan for solving the region's prolonged debt crisis.
"Unless that is resolved in the next three days, then I am afraid the summit could turn out to be a fiasco. That could actually be fatal," billionaire investor George Soros warned yesterday.
Moody's Investors Services yesterday cut the credit rating on all 28 Spanish banks, following a move on June 13 when it downgraded Spain's sovereign rating by three notches.
In Shanghai, oil providers lost on speculation the government may cut retail gasoline prices in mid-July for the third time this year as international oil prices continue to fall on weak demand. China Petroleum and Chemical Co, also known as Sinopec, and China's largest oil refiner, fell 0.6 percent to 6.33 yuan. PetroChina Co, the second biggest player, shed 0.4 percent to 9.04 yuan.
Water conservancy related stocks led the market down. Heilongjiang Interchina Watertreatment Co dropped 6.6 percent to 8.85 yuan. Jiangsu Jiangnan Water Co slumped 4.3 percent to 13.69 yuan. Qianjiang Water Resources Development Co fell 6.8 percent to 9.91 yuan.
Most brokerages gained this morning. Citic Securities, the biggest listed brokerage, added 0.3 percent to 12.35 yuan. Sinolink Securities Co climbed 1.7 percent to 14.08 yuan. Haitong Securities Co rose 0.8 percent to 9.33 yuan.
The benchmark Shanghai Composite Index lost 0.45 percent to 2,214.11 points. Turnover stood at 27.1 billion yuan (US$4.3 billion) in the morning session.
US stocks fell yesterday amid fading optimism over the EU meeting. The S&P 500 Index lost 1.62 percent to 1,313.26. The Dow Jones Industrial Average was down 1.16 percent to 12,493.84 and the Nasdaq Composite Index declined 1.85 percent to 2,838.94.
European leaders will gather on Thursday and Friday in Brussels to discuss a plan for solving the region's prolonged debt crisis.
"Unless that is resolved in the next three days, then I am afraid the summit could turn out to be a fiasco. That could actually be fatal," billionaire investor George Soros warned yesterday.
Moody's Investors Services yesterday cut the credit rating on all 28 Spanish banks, following a move on June 13 when it downgraded Spain's sovereign rating by three notches.
In Shanghai, oil providers lost on speculation the government may cut retail gasoline prices in mid-July for the third time this year as international oil prices continue to fall on weak demand. China Petroleum and Chemical Co, also known as Sinopec, and China's largest oil refiner, fell 0.6 percent to 6.33 yuan. PetroChina Co, the second biggest player, shed 0.4 percent to 9.04 yuan.
Water conservancy related stocks led the market down. Heilongjiang Interchina Watertreatment Co dropped 6.6 percent to 8.85 yuan. Jiangsu Jiangnan Water Co slumped 4.3 percent to 13.69 yuan. Qianjiang Water Resources Development Co fell 6.8 percent to 9.91 yuan.
Most brokerages gained this morning. Citic Securities, the biggest listed brokerage, added 0.3 percent to 12.35 yuan. Sinolink Securities Co climbed 1.7 percent to 14.08 yuan. Haitong Securities Co rose 0.8 percent to 9.33 yuan.
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