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August 15, 2009

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Home » Business » Finance

Stock index drops to worst weekly loss

SHANGHAI'S key stock index lost nearly 3 percent yesterday to its biggest weekly loss since February on concerns the pending launch of the Growth-Enterprise Market may divert capital out of the main bourse.

The Shanghai Composite Index tumbled 2.98 percent, or 93.59 points, to 3,046.97, the lowest close in six weeks. Turnover rose to 146.32 billion yuan (US$21.52 billion) from 138.6 billion yuan on Thursday.

The barometer lost 6.6 percent this week, following the 4.4 percent plunge last week and paring this year's rally to 67 percent.

There were signs of capital being channeled out of the main market because of the planned launch of the Nasdaq-like GEM, which will cause the market to decline further in the short term, said Kang Hongtao, an analyst at Guoyuan Securities Co.

The China Securities Regulatory Commission yesterday said it has established a committee to scrutinize approvals for listings of potential start-ups on the GEM and this was another indication of its launch soon.

The Industrial and Commercial Bank of China, the nation's biggest lender, lost 3.21 percent to 4.83 yuan. Shanghai Pudong Development Bank fell 1.42 percent to 23.54 yuan, China Construction Bank buckled 1.32 percent to close at 6 yuan, and the Bank of Communications lost 3.64 percent to 9.26 yuan.

Power producers were weak. Huaneng Power International Inc, the listed unit of the country's largest power group, dimmed 4.69 percent to 8.13 yuan. Huadian International fell 3.99 percent to 5.53 yuan, and Shanghai Electric Group Co lost 4.55 percent to 10.08 yuan.


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