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Stocks down on looming eurozone downgrades
By Lu Nengneng |
December 6, 2011, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index dropped by noon break, as the market was overshadowed by the deteriorating eurozone debt crisis after Standard & Poor's warned of impending downgrades across Europe.
The Shanghai Composite Index, extended yesterday's retreat, sliding 0.78 percent to end at 2,315.12 points. Turnover stood at 21.1 billion yuan (US$3.33 billion).
Fifteen European nations, including AAA-rated Germany and France, are facing potential downgrades, pending on the result of the European Union leader's summit on December 8 and 9, the rating agency said yesterday.
German Chancellor Angela Merkel and French President Nicolas Sarkozy later responded by strengthening their push for a closer fiscal union to restore regional financial stability.
Manufacturers paced the morning retreat on Shanghai's stock market, as the worsening European debt crisis painted a gloomy outlook of China's exports.
China Garments plunged 4.26 percent to 8.53 yuan. Meili Paper Industry Co, owned by China Metallurgical Group, sank 1.92 percent to 5.1 yuan.
The Shanghai Composite Index, extended yesterday's retreat, sliding 0.78 percent to end at 2,315.12 points. Turnover stood at 21.1 billion yuan (US$3.33 billion).
Fifteen European nations, including AAA-rated Germany and France, are facing potential downgrades, pending on the result of the European Union leader's summit on December 8 and 9, the rating agency said yesterday.
German Chancellor Angela Merkel and French President Nicolas Sarkozy later responded by strengthening their push for a closer fiscal union to restore regional financial stability.
Manufacturers paced the morning retreat on Shanghai's stock market, as the worsening European debt crisis painted a gloomy outlook of China's exports.
China Garments plunged 4.26 percent to 8.53 yuan. Meili Paper Industry Co, owned by China Metallurgical Group, sank 1.92 percent to 5.1 yuan.
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