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August 8, 2009

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Home » Business » Finance

Stock index falls to worst weekly loss

SHANGHAI'S key stock index tumbled yesterday, driving the benchmark to its worst weekly loss since February, as investors were still spooked by remarks by the central bank over a possible shift in China's macroeconomic policy.

The Shanghai Composite Index slumped 2.85 percent, or 90.64 points, to close at 3,260.69. Turnover shrank to 185 billion yuan (US$27.1 billion) from Thursday's 217 billion yuan.

The gauge dropped 4.4 percent this week, its biggest loss since the five days to February 27 and its first weekly decline in two months.

"We think the current fluctuation is just a structural adjustment and the market will become more reasonable after getting rid of some of the bubbles," Donghai Securities wrote in a research note.

"The index will remain upward in the long run," the brokerage added.

Investor sentiment hasn't quite recovered from a recent announcement by the People's Bank of China, the central bank, that it will "fine-tune" its monetary policy and also to ensure an appropriate lending growth.

China Petroleum and Chemical Corp, Asia's largest refiner and also known as Sinopec, slid 3.99 percent to 13.70 yuan. PetroChina, the largest oil producer and biggest heavyweight in the market, lost 2.66 percent to 15 yuan.


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