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Stocks decline at midday after US indexes drop
By Ye Zhen |
June 12, 2012, Tuesday
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Online Edition
Online Edition
SHANGHAI stocks retreated this morning following a slump in US markets yesterday after a bailout for Spain failed to soothe market concern over the outlook of the debt-laden European nation.
The benchmark Shanghai Composite Index fell 0.8 percent, or 18.41 points to 2,287.44 points. Turnover stood at 29.9 billion yuan (US$4.7 billion).
US stocks dropped yesterday amid concern Europe's latest bailout won't aid the region's debt crisis. The S&P 500 fell 1.3 percent to 1,308.93. The Dow Jones Industrial Average dropped 1.1 percent while the Nasdaq Composite Index lost 1.7 percent.
Eurozone finance ministers on Saturday agreed on a deal to provide Spain's banks a bailout worth up to 100 billion euros (US$124.9 billion).
"It is not going to work and it's not working," said Nobel Prize winning economist Joseph Stiglitz, who believes without facing the underlying problem and promoting growth, the situation may turn into a loop that the government and the nation's lenders bail out each other.
Spain's 10-year bond yield rose 29 basis points to 6.52 percent yesterday, while 10-year US Treasury bills lost 5 basis points to 1.59 percent as investors flocked to safe assets.
Coal producers led the market down in Shanghai trading. Shanxi Lanhua Sci-Tech Venture Co lost 4.4 percent to 20.37 yuan this morning. Shanxi Lu'an Environmental Energy Development Co dropped 2.5 percent to 24.38 yuan. China Shenhua Energy Co shrank 2 percent to 23.70 yuan.
Environmental protection related stocks dropped after a recent strong run with Beijing Capital Co, a company specializing in wastewater disposal, losing 1.7 percent to 5.13 yuan. Tianjin Capital Environmental Protection Group Co retreated 1.9 percent to 5.69 yuan.
Lenders lost in the morning session. Industrial and Commercial Bank of China Ltd, the nation's largest lender, shed 0.5 percent to 4.15 yuan. China Construction Bank Corporation fell 0.9 percent to 4.41 yuan.
The benchmark Shanghai Composite Index fell 0.8 percent, or 18.41 points to 2,287.44 points. Turnover stood at 29.9 billion yuan (US$4.7 billion).
US stocks dropped yesterday amid concern Europe's latest bailout won't aid the region's debt crisis. The S&P 500 fell 1.3 percent to 1,308.93. The Dow Jones Industrial Average dropped 1.1 percent while the Nasdaq Composite Index lost 1.7 percent.
Eurozone finance ministers on Saturday agreed on a deal to provide Spain's banks a bailout worth up to 100 billion euros (US$124.9 billion).
"It is not going to work and it's not working," said Nobel Prize winning economist Joseph Stiglitz, who believes without facing the underlying problem and promoting growth, the situation may turn into a loop that the government and the nation's lenders bail out each other.
Spain's 10-year bond yield rose 29 basis points to 6.52 percent yesterday, while 10-year US Treasury bills lost 5 basis points to 1.59 percent as investors flocked to safe assets.
Coal producers led the market down in Shanghai trading. Shanxi Lanhua Sci-Tech Venture Co lost 4.4 percent to 20.37 yuan this morning. Shanxi Lu'an Environmental Energy Development Co dropped 2.5 percent to 24.38 yuan. China Shenhua Energy Co shrank 2 percent to 23.70 yuan.
Environmental protection related stocks dropped after a recent strong run with Beijing Capital Co, a company specializing in wastewater disposal, losing 1.7 percent to 5.13 yuan. Tianjin Capital Environmental Protection Group Co retreated 1.9 percent to 5.69 yuan.
Lenders lost in the morning session. Industrial and Commercial Bank of China Ltd, the nation's largest lender, shed 0.5 percent to 4.15 yuan. China Construction Bank Corporation fell 0.9 percent to 4.41 yuan.
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