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Stocks plunge 1.8% on slowing export growth
By Ding Yining |
November 10, 2011, Thursday
|
Online Edition
Online Edition
SHANGHAI shares fell the most in three weeks after China's exports grew at its slowest pace in 8 months in October amid a worsening global economic climate.
The benchmark Shanghai Composite Index sank 1.80 percent, or 45.38 points, to 2,479.54 points. Turnover was 85.4 billion yuan (US$13.5).
Exports in October had risen 15.9 percent from a year earlier to US$157.4 billion, the weakest rate since February, the General Administration of Customs said today.
Financial sector stocks dragged the index down. Ping An Insurance (Group) Co sank 4.19 percent to 38.84 yuan. Industrial Bank lost 2.33 percent to 12.97 yuan.
Property developers were also weak amid concerns that the country's monetary policy will remain tight for a relatively long time. Gemdale Corporation lost 2.50 percent to 4.68 yuan. Shanghai Wai Gaoqiao Free Trade Zone Development Co retreated 3.15 percent to 11.70 yuan.
Metal producers were also among the losers. Zijin Mining Co lost 2.72 percent to 4.65 yuan. Shandong Gold Mining Co was down 2.32 percent to 39.14 yuan.
The benchmark Shanghai Composite Index sank 1.80 percent, or 45.38 points, to 2,479.54 points. Turnover was 85.4 billion yuan (US$13.5).
Exports in October had risen 15.9 percent from a year earlier to US$157.4 billion, the weakest rate since February, the General Administration of Customs said today.
Financial sector stocks dragged the index down. Ping An Insurance (Group) Co sank 4.19 percent to 38.84 yuan. Industrial Bank lost 2.33 percent to 12.97 yuan.
Property developers were also weak amid concerns that the country's monetary policy will remain tight for a relatively long time. Gemdale Corporation lost 2.50 percent to 4.68 yuan. Shanghai Wai Gaoqiao Free Trade Zone Development Co retreated 3.15 percent to 11.70 yuan.
Metal producers were also among the losers. Zijin Mining Co lost 2.72 percent to 4.65 yuan. Shandong Gold Mining Co was down 2.32 percent to 39.14 yuan.
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