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Stocks end week at 2-year low
By Ding Yining and Feng Jianmin |
October 21, 2011, Friday
|
Online Edition
Online Edition
THE Shanghai stock market fell for a fourth day amid worries that slowing economic growth and tight monetary policy are likely to hurt company earnings.
The benchmark Shanghai Composite Index lowered 0.6 percent, or 13.41 points, to close at 2,317.28 points 鈥 the lowest level since March 25, 2009. Turnover fell to 43.7 billion yuan (US$6.9 billion) from yesterday's 57.8 billion yuan.
The index lost nearly 4.7 percent this week, the biggest drop in five months, after China's GDP recorded 9.1 percent growth in the third quarter, the slowest pace in two years.
PetroChina, the biggest index component, fell 0.72 percent to 9.67 yuan. The country's largest oil producer might record a 50 billion yuan loss in its refining business this year as the annual resource tax could rise to 29 billion yuan, company President Zhou Jiping said at the sidelines of a shareholders' meeting yesterday.
Metal producers were also among the losers. Zhongjin Gold Mining Co shed 3.5 percent to 20 yuan. Zijin Mining Co lost 1.7 percent to 4.10 yuan.
Property developers were mixed. Shanghai Lujiazui Finance & Trade Zone Development Co fell 1.13 percent to 13.10 yuan. Gemdale Corporation was down 1.13 percent to 4.36 yuan.
The benchmark Shanghai Composite Index lowered 0.6 percent, or 13.41 points, to close at 2,317.28 points 鈥 the lowest level since March 25, 2009. Turnover fell to 43.7 billion yuan (US$6.9 billion) from yesterday's 57.8 billion yuan.
The index lost nearly 4.7 percent this week, the biggest drop in five months, after China's GDP recorded 9.1 percent growth in the third quarter, the slowest pace in two years.
PetroChina, the biggest index component, fell 0.72 percent to 9.67 yuan. The country's largest oil producer might record a 50 billion yuan loss in its refining business this year as the annual resource tax could rise to 29 billion yuan, company President Zhou Jiping said at the sidelines of a shareholders' meeting yesterday.
Metal producers were also among the losers. Zhongjin Gold Mining Co shed 3.5 percent to 20 yuan. Zijin Mining Co lost 1.7 percent to 4.10 yuan.
Property developers were mixed. Shanghai Lujiazui Finance & Trade Zone Development Co fell 1.13 percent to 13.10 yuan. Gemdale Corporation was down 1.13 percent to 4.36 yuan.
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