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Stocks continue plunge on US economic woes
By Feng Jianmin |
August 19, 2011, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock dropped for the fourth day taking its cue from a Down Jones market tumble as concerns over a worsening economic outlook bear down on US investors.
The benchmark Shanghai Composite Index fell 1.33 percent to 2,525.55 points by noon. Turnover rose to 42 billion yuan (US$6.6 billion) from yesterday morning's 38 billion yuan.
Yesterday the Dow Jones Average plummeted 3.68 percent after data showed worse-than-expected industrial expansion and poor home sales.
Neighboring markets were also weak in the morning. Hong Kong's Hang Seng Index lost 2.4 percent to 19,529.3 points and Japan's Nikkei 225 dropped more than 1.8 percent by noon.
China's vice President Xi Jinping said today that China's economy would not experience a hard landing, and that the US economy was "highly elastic."
"Turmoil in the global financial markets intensified and the world's economy is facing severe challenges," Xi said during a meeting with US counterpart Joe Biden. "China and the US should strengthen cooperation in terms of macro economic policies, and lift market confidence together."
Coal miners led the decliners. China Shenhua Energy Co shed 3.3 percent to 25.21 yuan. Datong Coal Industry Co lost 2.2 percent to 15.84 yuan.
Gold miners rallied after gold bullion price hit a new record high of US$1,822 per ounce yesterday as investors increased bullion buying to hedge against economic uncertainties. Shandong Gold Mining Group Co rose 2.4 percent to 51.18 yuan.
The benchmark Shanghai Composite Index fell 1.33 percent to 2,525.55 points by noon. Turnover rose to 42 billion yuan (US$6.6 billion) from yesterday morning's 38 billion yuan.
Yesterday the Dow Jones Average plummeted 3.68 percent after data showed worse-than-expected industrial expansion and poor home sales.
Neighboring markets were also weak in the morning. Hong Kong's Hang Seng Index lost 2.4 percent to 19,529.3 points and Japan's Nikkei 225 dropped more than 1.8 percent by noon.
China's vice President Xi Jinping said today that China's economy would not experience a hard landing, and that the US economy was "highly elastic."
"Turmoil in the global financial markets intensified and the world's economy is facing severe challenges," Xi said during a meeting with US counterpart Joe Biden. "China and the US should strengthen cooperation in terms of macro economic policies, and lift market confidence together."
Coal miners led the decliners. China Shenhua Energy Co shed 3.3 percent to 25.21 yuan. Datong Coal Industry Co lost 2.2 percent to 15.84 yuan.
Gold miners rallied after gold bullion price hit a new record high of US$1,822 per ounce yesterday as investors increased bullion buying to hedge against economic uncertainties. Shandong Gold Mining Group Co rose 2.4 percent to 51.18 yuan.
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