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Stocks drop on Syria concerns, financial risks
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SHANGHAI stocks edged down today amid concerns on Syria tension and on China’s financial risks.
The key Shanghai Composite Index lost 0.11 percent to 2,101.30 points. Turnover was 132.2 billion yuan (US$21.6 billion).
A gauge measuring 21 shares in the banking sector was down 0.44 percent today after Xu Shaoshi, director of the National Development and Reform Commission, warned of risks in the financial system.
China’s economy is generally stable, but fiscal conflicts are more apparent, potential financial risks are mounting, and employment faces pressure in some industries, Xu said today at a meeting of Standing Committee of the People’s Congress.
The Industrial and Commercial Bank of China, China’s largest bank in terms of profit, was fell 0.5 percent. Ping An Bank Co shed 2.3 percent to 10.63 yuan.
The market’s fall was also affected by the tumble of global stock markets on concerns the US will take military action against Syria for using chemical weapons. The MSCI Asia Pacific Index dropped 1.6 percent in Tokyo, heading for the lowest close since June 27.
On the overnight US market, the Dow Jones Industrial Average lost 1.1 percent to close at a two-month low. The Standard & Poor’s 500 Index fell 1.6 percent, while the NASDAQ Composite dropped 2.2 percent.
Papermakers were the biggest decliners amid worry that the import cost of raw materials would increase once the US launches air strikes on Syria.
Yanbian Shixian Bailu Papermaking Co lost 2.7 percent to 4.37 yuan. Minfeng Special Paper Co fell 2.3 percent to 7.15 yuan.
PetroChina, one of the country’s biggest oil producers, added to the slump by shedding 0.5 percent to 7.95 yuan after authorities said four of its senior executives were investigated on corruption charges.
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