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Stocks close down after 3rd week of losses
By Feng Jianmin |
November 25, 2011, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock index ended lower today, cementing the third weekly loss as monetary policies are expected to remain tight.
The benchmark Shanghai Composite Index lowered 0.72 percent to 2,380.22 points. Turnover was 46.2 billion yuan (US$7.2 billion).
The index lost a collective 1.5 percent in the past week after a preliminary purchasing managers' index released by HSBC dropped to the lowest level since March 2009, suggesting shrinking manufacturing activities.
Banks and property shares dragged down the index. Industrial and Commercial Bank of China was down 1.4 percent to 4.22 yuan. China Merchants Bank dipped 0.86 percent to 11.48 yuan. Gemdale Corp retreated 2.60 percent to 4.49 yuan. China Vanke Co lost 2.07 percent to 7.10 yuan.
"Worries over European debt continues and the capital situation is tight among institutional investors," Citic Securities wrote in a research note.
Metal producers were among the gainers. Shandong Gold Mining Co edged up 0.41 percent to 36.77 yuan. Zhongjin Gold Mining Co was up 0.42 percent to 21.37 yuan.
The benchmark Shanghai Composite Index lowered 0.72 percent to 2,380.22 points. Turnover was 46.2 billion yuan (US$7.2 billion).
The index lost a collective 1.5 percent in the past week after a preliminary purchasing managers' index released by HSBC dropped to the lowest level since March 2009, suggesting shrinking manufacturing activities.
Banks and property shares dragged down the index. Industrial and Commercial Bank of China was down 1.4 percent to 4.22 yuan. China Merchants Bank dipped 0.86 percent to 11.48 yuan. Gemdale Corp retreated 2.60 percent to 4.49 yuan. China Vanke Co lost 2.07 percent to 7.10 yuan.
"Worries over European debt continues and the capital situation is tight among institutional investors," Citic Securities wrote in a research note.
Metal producers were among the gainers. Shandong Gold Mining Co edged up 0.41 percent to 36.77 yuan. Zhongjin Gold Mining Co was up 0.42 percent to 21.37 yuan.
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