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Stocks extend fall as worries mount
By Lydia Chen |
September 24, 2011, Saturday
|
Print Edition
Print Edition
SHANGHAI'S main stock gauge extended yesterday's losses and fell to its lowest level in more than 14 months following a brutal sell-off in overseas markets amid concerns over global economic prospects.
The Shanghai Composite Index lost 0.4 percent to 2,433.16, the lowest close since July 16 last year. Turnover was 68 billion yuan (US$10.66 billion), compared with 75 billion the previous day. The index lost almost 2 percent this week.
The Shanghai index opened at 2,411.83, after yesterday's battering of US financial markets. Stocks and commodities suffered big sell-offs in the US as the Federal Reserve's bleak outlook on the economy and poor economic data added to fears of a double-dip recession.
In Shanghai, Jiangxi Copper suffered a loss of 3.3 percent to 2.12 yuan. Xinjiang Bayi Iron & Steel Co tumbled 3.8 percent to 10.87 yuan.
Copper futures for December delivery dropped 7.3 percent to close at US$3.4885 a pound, the biggest drop for a most-active contract since October 2008.
Losses among developers and banks reinforced the trend. Shanghai Shimao Co skipped 1.18 percent and China Merchants Bank shed 1.06 percent.
Some trust firms halted real estate trust business, Shanghai Securities News said.
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 yesterday.
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 reportedly plans to invest more than 10 billion yuan in the nation's stock market, a move that might save the securities markets from further damage after a 13 percent fall this year, Securities Times said yesterday.
The Shanghai Composite Index lost 0.4 percent to 2,433.16, the lowest close since July 16 last year. Turnover was 68 billion yuan (US$10.66 billion), compared with 75 billion the previous day. The index lost almost 2 percent this week.
The Shanghai index opened at 2,411.83, after yesterday's battering of US financial markets. Stocks and commodities suffered big sell-offs in the US as the Federal Reserve's bleak outlook on the economy and poor economic data added to fears of a double-dip recession.
In Shanghai, Jiangxi Copper suffered a loss of 3.3 percent to 2.12 yuan. Xinjiang Bayi Iron & Steel Co tumbled 3.8 percent to 10.87 yuan.
Copper futures for December delivery dropped 7.3 percent to close at US$3.4885 a pound, the biggest drop for a most-active contract since October 2008.
Losses among developers and banks reinforced the trend. Shanghai Shimao Co skipped 1.18 percent and China Merchants Bank shed 1.06 percent.
Some trust firms halted real estate trust business, Shanghai Securities News said.
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 yesterday.
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 reportedly plans to invest more than 10 billion yuan in the nation's stock market, a move that might save the securities markets from further damage after a 13 percent fall this year, Securities Times said yesterday.
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