Stocks drop to lowest in a year
By Ding Yining |
01:01 UTC+8 May 18, 2010
|
Print Edition
Print Edition
SHANGHAI'S stock market yesterday posted its biggest daily decline in nearly nine months to close at the lowest level in a year.
The market retreat was driven by inflation pressure and concerns that measures to cool property speculation may hurt the real economy.
The benchmark Shanghai Composite Index slid 5.07 percent, or 136.70 points, to close at 2,559.93 points. Turnover was 88.2 billion yuan (US$12.91 billion), with 868 shares dropping, 18 gaining and 37 unchanged.
The Shenzhen Component Index, which tracks the smaller market on Chinese mainland, tumbled 5.79 percent to close at 9,731.72 points.
"Policy risks in the domestic market are escalating and the index may stay weak despite a short-term technical rebound," Orient Securities wrote in a research note yesterday.
Shanghai Jielong Industry Group slid the daily limit of 10 percent to 9.62 yuan.
The most active May contract of the stock index futures, which is based on the CSI 300 Index, sank 4.97 percent to 2,719 points, the lowest level since its launched a month ago.
"The domestic market is still susceptible to surrounding markets' performance and investors are concerned the debt crisis in Europe may not be over and will still bring uncertainty to the market," said Hongyuan Futures' Ma Chunyang.
Gold producers bucked the downward trend as the European fiscal fiasco pushed up commodity prices.
Shandong Gold Mining jumped 5.60 percent to41.89 yuan and Zhongjin Gold Mining advanced 1.63 percent to 61.09 yuan.
The market retreat was driven by inflation pressure and concerns that measures to cool property speculation may hurt the real economy.
The benchmark Shanghai Composite Index slid 5.07 percent, or 136.70 points, to close at 2,559.93 points. Turnover was 88.2 billion yuan (US$12.91 billion), with 868 shares dropping, 18 gaining and 37 unchanged.
The Shenzhen Component Index, which tracks the smaller market on Chinese mainland, tumbled 5.79 percent to close at 9,731.72 points.
"Policy risks in the domestic market are escalating and the index may stay weak despite a short-term technical rebound," Orient Securities wrote in a research note yesterday.
Shanghai Jielong Industry Group slid the daily limit of 10 percent to 9.62 yuan.
The most active May contract of the stock index futures, which is based on the CSI 300 Index, sank 4.97 percent to 2,719 points, the lowest level since its launched a month ago.
"The domestic market is still susceptible to surrounding markets' performance and investors are concerned the debt crisis in Europe may not be over and will still bring uncertainty to the market," said Hongyuan Futures' Ma Chunyang.
Gold producers bucked the downward trend as the European fiscal fiasco pushed up commodity prices.
Shandong Gold Mining jumped 5.60 percent to41.89 yuan and Zhongjin Gold Mining advanced 1.63 percent to 61.09 yuan.
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