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Stocks down on grim global outlook
By Feng Jianmin |
November 21, 2011, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock index fell in the morning session after China's Vice Premier Wang Qishan said the global economic situation was "extremely severe," and warned against risks in China's financial system.
The benchmark Shanghai Composite Index was down 0.36 percent to 2,407.74 points. Turnover fell nearly one third to 25.3 billion (US$4 billion) from last Friday morning.
"The global economic recession triggered by the financial crisis will be long term, and China should make its prudent monetary policy more forward looking, targeted and flexible," said Wang over the weekend.
He also said that financial institutions should avoid blind expansion and should prioritize risk management.
Banks fell. Industrial Bank lost 1.1 percent to 12.40 yuan. Industrial and Commercial Bank of China fell 1 percent to 4.26 yuan.
The benchmark Shanghai Composite Index was down 0.36 percent to 2,407.74 points. Turnover fell nearly one third to 25.3 billion (US$4 billion) from last Friday morning.
"The global economic recession triggered by the financial crisis will be long term, and China should make its prudent monetary policy more forward looking, targeted and flexible," said Wang over the weekend.
He also said that financial institutions should avoid blind expansion and should prioritize risk management.
Banks fell. Industrial Bank lost 1.1 percent to 12.40 yuan. Industrial and Commercial Bank of China fell 1 percent to 4.26 yuan.
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