Shares decline, end week lower
By Pan Xiaoyi |
February 6, 2010, Saturday
|
Print Edition
Print Edition
SHANGHAI'S key stock index fell nearly 2 percent yesterday, driving the index to its third straight weekly loss, as overseas markets declined on concerns the global economic recovery may falter.
The benchmark Shanghai Composite Index dropped 1.87 percent, or 55.91 points, to close at 2,939.4 points. For the week, the gauge lost 1.7 percent. Turnover shrank yesterday to 110.9 billion yuan (US$16.3 billion) from 114.6 billion yuan on Thursday.
The index has lost 10.7 percent so far this year -- the worst performing market worldwide.
Hong Kong's Hang Seng Index yesterday fell 3.33 percent, its worst daily percentage drop in more than two months, to 19,665.08, the lowest since September 2, 2009, as investors dumped riskier assets on worries over sovereign debt problems in the eurozone countries, such as Greece.
"Investors are concerned about possible pitfalls on the road to a global recovery and eager to pull back from the markets," said Chai Yongning, an analyst of S&E Securities Brokerage Co.
On the domestic front, Shanghai Stock Exchange on Thursday said it is ready to start the international board and is waiting for state regulatory approval. This strengthened concerns about market liquidity.
Commodity producers led declines after prices tumbled. Aluminum Corp of China, the nation's biggest maker of the metal, retreated 3 percent to 12.15 yuan. Jiangxi Copper Co fell 3.5 percent to 33.42 yuan.
The benchmark Shanghai Composite Index dropped 1.87 percent, or 55.91 points, to close at 2,939.4 points. For the week, the gauge lost 1.7 percent. Turnover shrank yesterday to 110.9 billion yuan (US$16.3 billion) from 114.6 billion yuan on Thursday.
The index has lost 10.7 percent so far this year -- the worst performing market worldwide.
Hong Kong's Hang Seng Index yesterday fell 3.33 percent, its worst daily percentage drop in more than two months, to 19,665.08, the lowest since September 2, 2009, as investors dumped riskier assets on worries over sovereign debt problems in the eurozone countries, such as Greece.
"Investors are concerned about possible pitfalls on the road to a global recovery and eager to pull back from the markets," said Chai Yongning, an analyst of S&E Securities Brokerage Co.
On the domestic front, Shanghai Stock Exchange on Thursday said it is ready to start the international board and is waiting for state regulatory approval. This strengthened concerns about market liquidity.
Commodity producers led declines after prices tumbled. Aluminum Corp of China, the nation's biggest maker of the metal, retreated 3 percent to 12.15 yuan. Jiangxi Copper Co fell 3.5 percent to 33.42 yuan.
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