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Stocks fall as Portugal debt cut to 'junk'
By Feng Jianmin |
November 25, 2011, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock index fell in the morning session after Fitch cut Portugal's sovereign debt rating to "junk."
The benchmark Shanghai Composite Index fell 0.36 percent to 2,388.86 points. Turnover dropped more than 20 percent to 23.7 billion yuan (US$3.73 billion).
Fitch cut Portugal's bond rating by one notch from BBB- to BB+, citing forecasts that the country's economy will contract by 3 percent next year.
Banks fell after a senior official with the Industrial and Commercial Bank said that the central bank might keep monetary policies tight because of stubborn inflationary pressure.
Industrial and Commercial Bank of China lost 1.4 percent to 4.22 yuan. China Merchants Bank dipped 0.7 percent to 11.50 yuan.
Property developers were also weak. China Vanke Co shed 1.4 percent to 7.15 yuan. Gemdale Corp lost 1.7 percent to 4.53 yuan.
The benchmark Shanghai Composite Index fell 0.36 percent to 2,388.86 points. Turnover dropped more than 20 percent to 23.7 billion yuan (US$3.73 billion).
Fitch cut Portugal's bond rating by one notch from BBB- to BB+, citing forecasts that the country's economy will contract by 3 percent next year.
Banks fell after a senior official with the Industrial and Commercial Bank said that the central bank might keep monetary policies tight because of stubborn inflationary pressure.
Industrial and Commercial Bank of China lost 1.4 percent to 4.22 yuan. China Merchants Bank dipped 0.7 percent to 11.50 yuan.
Property developers were also weak. China Vanke Co shed 1.4 percent to 7.15 yuan. Gemdale Corp lost 1.7 percent to 4.53 yuan.
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