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Stocks end week down on bleak global outlook
By Lydia Chen |
September 23, 2011, Friday
|
Online Edition
Online Edition
SHANGHAI stock market extended yesterday's losses and fell to the lowest in more than 14 months following a brutal sell-off in overseas markets amid concerns over global economic prospects.
The Shanghai Composite Index lost 0.41 percent to 2,433.16, the lowest since July 16 last year. Turnover was around 68 billion yuan (US$10.66 billion) today, compared with 75 billion yesterday. The benchmark index lost 1.98 percent this week.
The Shanghai index opened at 2,412, the lowest since July 8 after US financial markets took a big hit yesterday, with both equities and commodities suffering massive sell-offs as the Federal Reserve's bleak outlook on the economy and poor economic data added to fears of a double-dip recession.
Jiangxi Copper suffered a loss of 3.27 percent to 2.12 yuan. Xinjiang Bayi Iron & Steel Co tumbled 3.81 percent to 10.87 yuan.
Copper futures for December delivery dropped 7.3 percent to close at US$3.4885 a pound in New York yesterday, the biggest drop for a most-active contract since October 30, 2008.
Losses among developers and banks reinforced the downward spiral.
Shanghai Shimao Co skimmed 1.18 percent to 13.35 yuan. China Merchants Bank shed 1.06 percent to 11.21 yuan.
Shanghai Securities News said today some trust funds had halted real estate trust business.
China's central bank has asked commercial banks to maintain a stable loan-to-deposit ratio during the National Day holiday which begins on October 1, the Oriental Morning Post reported today, citing unidentified sources. The difference of banks' outstanding deposits on September 30 and on October 8 must not exceed 5 percent, the newspaper said.
Meanwhile, China's social security fund plans to invest more than 10 billion yuan in the nation's stock market, a move that may save the securities markets from further tumbling from a fall of more than 13 percent so far this year, Securities Times cited unidentified sources as saying today.
The Shanghai Composite Index lost 0.41 percent to 2,433.16, the lowest since July 16 last year. Turnover was around 68 billion yuan (US$10.66 billion) today, compared with 75 billion yesterday. The benchmark index lost 1.98 percent this week.
The Shanghai index opened at 2,412, the lowest since July 8 after US financial markets took a big hit yesterday, with both equities and commodities suffering massive sell-offs as the Federal Reserve's bleak outlook on the economy and poor economic data added to fears of a double-dip recession.
Jiangxi Copper suffered a loss of 3.27 percent to 2.12 yuan. Xinjiang Bayi Iron & Steel Co tumbled 3.81 percent to 10.87 yuan.
Copper futures for December delivery dropped 7.3 percent to close at US$3.4885 a pound in New York yesterday, the biggest drop for a most-active contract since October 30, 2008.
Losses among developers and banks reinforced the downward spiral.
Shanghai Shimao Co skimmed 1.18 percent to 13.35 yuan. China Merchants Bank shed 1.06 percent to 11.21 yuan.
Shanghai Securities News said today some trust funds had halted real estate trust business.
China's central bank has asked commercial banks to maintain a stable loan-to-deposit ratio during the National Day holiday which begins on October 1, the Oriental Morning Post reported today, citing unidentified sources. The difference of banks' outstanding deposits on September 30 and on October 8 must not exceed 5 percent, the newspaper said.
Meanwhile, China's social security fund plans to invest more than 10 billion yuan in the nation's stock market, a move that may save the securities markets from further tumbling from a fall of more than 13 percent so far this year, Securities Times cited unidentified sources as saying today.
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