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Stocks slide at midday on eurozone debt crisis uncertainty
By Ye Zhen |
May 7, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI stocks slipped this morning on speculation elections in France and Greece will add uncertainty to the eurozone debt crisis.
The Shanghai Composite Index dropped 0.26 percent, or 6.33 points to 2,445.68, Turnover stood at 61.6 billion yuan (US$9.75 billion) at the noon break.
Socialist Francois Hollande, who defeated Nicolas Sarkozy and will become France's next president, pledged to fight against Germany-led austerity measures.
In Greece, anger about austerity measures sparked concerns the country will enter a new round of political turmoil.
In Shanghai, property developers led the declines on concerns housing demand will weaken after Industrial & Commercial Bank of China suspended a 15 percent discount on mortgages for first-time home buyers nationwide.
Vanke, the nation's largest developer by market value, slumped 1.8 percent to 9.05 yuan. Gemdale Group dropped 1.6 percent to 6.69 yuan.
Insurance companies fell across the board in the morning session. Ping An fell 2.2 percent to 42.15 yuan. China Pacific slumped 4.1 percent to 21.63 yuan.
The Shanghai Composite Index dropped 0.26 percent, or 6.33 points to 2,445.68, Turnover stood at 61.6 billion yuan (US$9.75 billion) at the noon break.
Socialist Francois Hollande, who defeated Nicolas Sarkozy and will become France's next president, pledged to fight against Germany-led austerity measures.
In Greece, anger about austerity measures sparked concerns the country will enter a new round of political turmoil.
In Shanghai, property developers led the declines on concerns housing demand will weaken after Industrial & Commercial Bank of China suspended a 15 percent discount on mortgages for first-time home buyers nationwide.
Vanke, the nation's largest developer by market value, slumped 1.8 percent to 9.05 yuan. Gemdale Group dropped 1.6 percent to 6.69 yuan.
Insurance companies fell across the board in the morning session. Ping An fell 2.2 percent to 42.15 yuan. China Pacific slumped 4.1 percent to 21.63 yuan.
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