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Stocks dip on news of Greek bailout package delay
By Lu Nengneng |
February 16, 2012, Thursday
|
Online Edition
Online Edition
SHANGHAI'S stock index dipped in morning trade today following the delay of the second bailout program for Greece, which pushed the European debt crisis further to its brink.
The Shanghai Composite Index dropped 0.18 percent to close at 2,362.46 points by noon break today. Turnover stood at 44.6 billion yuan (US$7 billion).
The market advanced yesterday after Premier Wen Jiabao said China will play a bigger role in stabilizing the debt-ridden Europe, which is the nation's biggest export market and source of importing technology.
Investor sentiment became volatile with growing concerns that Greece may miss its debt payment next month and spur a eurozone breakdown. This came after a decision slated yesterday on 130 billion euros of aid was postponed to at least February 20 for Athens to show more commitment to spending cuts and labor reforms.
Miners and insurers dragged the benchmark down on worries over dropping external demand and widening risk exposure.
Jiangxi Copper, China's biggest producer of the metal, shed 0.9 percent to 26.54 yuan. Zijin Mining Industry lost 0.66 percent to 4.49 yuan.
Ping An Insurance, the second largest insurer in China, sank 1.02 percent to 39.83 yuan. China Pacific Insurance slumped 1.05 percent to 20.78 yuan.
The Shanghai Composite Index dropped 0.18 percent to close at 2,362.46 points by noon break today. Turnover stood at 44.6 billion yuan (US$7 billion).
The market advanced yesterday after Premier Wen Jiabao said China will play a bigger role in stabilizing the debt-ridden Europe, which is the nation's biggest export market and source of importing technology.
Investor sentiment became volatile with growing concerns that Greece may miss its debt payment next month and spur a eurozone breakdown. This came after a decision slated yesterday on 130 billion euros of aid was postponed to at least February 20 for Athens to show more commitment to spending cuts and labor reforms.
Miners and insurers dragged the benchmark down on worries over dropping external demand and widening risk exposure.
Jiangxi Copper, China's biggest producer of the metal, shed 0.9 percent to 26.54 yuan. Zijin Mining Industry lost 0.66 percent to 4.49 yuan.
Ping An Insurance, the second largest insurer in China, sank 1.02 percent to 39.83 yuan. China Pacific Insurance slumped 1.05 percent to 20.78 yuan.
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