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Stocks end slightly lower on global concerns
By Feng Jianmin |
November 22, 2011, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S stocks traded slightly lower today as metal producers and construction material providers faltered on economic concerns.
The Shanghai Composite Index fell for the fifth trading day by dipping 0.1 percent to 2,412.63 points. Turnover was 50.7 billion yuan (US$8 billion).
The sloppy Shanghai market echoed performances in other Asian markets this morning, as investor confidence was sapped by fears over the ability of politicians on either side of the Atlantic to tackle huge debt burdens.
Metal producers dropped after futures prices plunged overnight on concerns that demand will fall if the US government is forced to submit to US$1.2 trillion in automatic spending cuts.
Jiangxi Copper Co lost 1.2 percent to 25.85 yuan. Aluminum Corp of China fell 0.7 percent to 8.07 yuan.
Building material makers, such as cement and steel producers, were among the worst hit this morning after Citigroup Inc said property investment might be cut back "significantly."
Fujian Cement Inc shed 1.9 percent to 9.74 yuan. Baoshan Iron & Steel Co retreated 0.6 percent to 5.07 yuan.
The Shanghai Composite Index fell for the fifth trading day by dipping 0.1 percent to 2,412.63 points. Turnover was 50.7 billion yuan (US$8 billion).
The sloppy Shanghai market echoed performances in other Asian markets this morning, as investor confidence was sapped by fears over the ability of politicians on either side of the Atlantic to tackle huge debt burdens.
Metal producers dropped after futures prices plunged overnight on concerns that demand will fall if the US government is forced to submit to US$1.2 trillion in automatic spending cuts.
Jiangxi Copper Co lost 1.2 percent to 25.85 yuan. Aluminum Corp of China fell 0.7 percent to 8.07 yuan.
Building material makers, such as cement and steel producers, were among the worst hit this morning after Citigroup Inc said property investment might be cut back "significantly."
Fujian Cement Inc shed 1.9 percent to 9.74 yuan. Baoshan Iron & Steel Co retreated 0.6 percent to 5.07 yuan.
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