Stocks fall on debt crisis fear
By Pan Xiaoyi |
May 8, 2010, Saturday
|
Print Edition
Print Edition
SHANGHAI'S stocks yesterday fell to a fresh eight-month closing low and posted its worst week of this year following a tumble in the United States markets on concerns the debt crisis in Europe would spread.
The Shanghai Composite Index dropped 1.87 percent, or 18.94 points, to end at 2,688.38. The gauge lost 6.3 percent this week as the government strengthened its efforts to clamp down on property speculation.
Turnover shrank to 108.5 billion yuan (US$15.9 billion) from 113.2 billion yuan on Thursday.
"The debt crisis in Europe seems to escalate after Moody's warned Portugal of a possible downgrade, leading to instabilities in surrounding markets," Galaxy Securities Co wrote. "That posed a negative impact on local investor sentiment."
The Dow Jones Industrial Average fell as much as 9.2 percent, almost 1,000 points, during trading before paring the decline overnight. That was its biggest intraday percentage loss since 1987 as the debt concerns triggered a broad selling-off.
Commodity firms led the drop on talk demand for raw materials will falter due to the crisis. Jiangxi Copper lost 3.7 percent to 29.56 yuan. Aluminum Corp of China Ltd fell 3.1 percent to 10.19 yuan.
PetroChina Co, the nation's biggest oil producer and largest component in the index, slid 2.4 percent to 11.04 yuan after crude oil fell below US$80 a barrel in New York. Sinopec, Asia's largest oil refiner, shed 3.4 percent to 9.01 yuan.
Gold firms rose after bullion prices surged to a five-month high and broke US$1,200 an ounce. Zhongjin Gold Corp soared 4.7 percent to 63.79 yuan. Shandong Gold Mining Co surged 4.5 percent to 77.64 yuan.
The Shanghai Composite Index dropped 1.87 percent, or 18.94 points, to end at 2,688.38. The gauge lost 6.3 percent this week as the government strengthened its efforts to clamp down on property speculation.
Turnover shrank to 108.5 billion yuan (US$15.9 billion) from 113.2 billion yuan on Thursday.
"The debt crisis in Europe seems to escalate after Moody's warned Portugal of a possible downgrade, leading to instabilities in surrounding markets," Galaxy Securities Co wrote. "That posed a negative impact on local investor sentiment."
The Dow Jones Industrial Average fell as much as 9.2 percent, almost 1,000 points, during trading before paring the decline overnight. That was its biggest intraday percentage loss since 1987 as the debt concerns triggered a broad selling-off.
Commodity firms led the drop on talk demand for raw materials will falter due to the crisis. Jiangxi Copper lost 3.7 percent to 29.56 yuan. Aluminum Corp of China Ltd fell 3.1 percent to 10.19 yuan.
PetroChina Co, the nation's biggest oil producer and largest component in the index, slid 2.4 percent to 11.04 yuan after crude oil fell below US$80 a barrel in New York. Sinopec, Asia's largest oil refiner, shed 3.4 percent to 9.01 yuan.
Gold firms rose after bullion prices surged to a five-month high and broke US$1,200 an ounce. Zhongjin Gold Corp soared 4.7 percent to 63.79 yuan. Shandong Gold Mining Co surged 4.5 percent to 77.64 yuan.
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