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Shares retreat on US downside risk
By Lydia Chen |
September 22, 2011, Thursday
|
Online Edition
Online Edition
THE Shanghai stock market retreated from yesterday's rally, dragged down by developers and cement producers while investor confidence dampened after the Federal Reserve cautioned downside risks to the US economy.
The Shanghai Composite Index lost 1.74 percent to 2469.36.
China Vanke fell 3.42 percent to 7.60 yuan. Jiangxi Copper tumbled 4.27 percent to 29.38 yuan. Yanzhou Coal Mining shed 2.34 percent to 27.92 yuan.
China will levy a tax on resources based on their value and volume, according to a statement on the government's website, citing a decision from a State Council meeting presided over by Premier Wen Jiabao.
The country currently imposes resource taxes on producers of oil and gas as well as coal mining companies based on volume.
The Federal Reserve said yesterday it would purchase longer-term debt and sell shorter maturities to sustain the economic recovery.
The Shanghai Composite Index lost 1.74 percent to 2469.36.
China Vanke fell 3.42 percent to 7.60 yuan. Jiangxi Copper tumbled 4.27 percent to 29.38 yuan. Yanzhou Coal Mining shed 2.34 percent to 27.92 yuan.
China will levy a tax on resources based on their value and volume, according to a statement on the government's website, citing a decision from a State Council meeting presided over by Premier Wen Jiabao.
The country currently imposes resource taxes on producers of oil and gas as well as coal mining companies based on volume.
The Federal Reserve said yesterday it would purchase longer-term debt and sell shorter maturities to sustain the economic recovery.
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