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Stocks slump further on S&P downgrades
By Hu Xiaocen |
January 16, 2012, Monday
|
Online Edition
Online Edition
THE Shanghai Composite Index extended its fall for the fourth straight session this morning after Standard & Poor's downgraded the credit ratings of nine euro-zone countries last Friday.
The key index slid 0.56 percent, or 12.6 points, to 2,231.99 before noon break with a turnover of 22.1 billion yuan (US$3.5 billion). Only financials, cement producers and coal miners gained.
France and Austria lost their highest triple-A ratings after S&P announced its credit assessment results on 16 euro-zone nations last Friday. While the ratings of France and Austria were lowered to AA+, Italy, Spain and Portugal saw their ratings lowered by two notches.
S&P said the downgrade was mainly because European leaders' recent policies and measures failed to address to the ongoing systematic stresses in the euro-zone, such as, credit tightening, rising risk premiums, and sluggish economic growth. In addition, the EU summit last month didn't reach a breakthrough to solve the financial problems.
The news dimmed investor confidence in the A-share market as Europe is China's biggest export market. Investors are worried that Europe's deteriorating debt crisis might further drag down China's economy.
Shipping companies slumped. China Shipping Container Lines lost 2.33 percent to 2.51 yuan. China Cosco Holdings Co, Asia's largest shipping line fell 1.12 percent to 4.43 yuan.
The key index slid 0.56 percent, or 12.6 points, to 2,231.99 before noon break with a turnover of 22.1 billion yuan (US$3.5 billion). Only financials, cement producers and coal miners gained.
France and Austria lost their highest triple-A ratings after S&P announced its credit assessment results on 16 euro-zone nations last Friday. While the ratings of France and Austria were lowered to AA+, Italy, Spain and Portugal saw their ratings lowered by two notches.
S&P said the downgrade was mainly because European leaders' recent policies and measures failed to address to the ongoing systematic stresses in the euro-zone, such as, credit tightening, rising risk premiums, and sluggish economic growth. In addition, the EU summit last month didn't reach a breakthrough to solve the financial problems.
The news dimmed investor confidence in the A-share market as Europe is China's biggest export market. Investors are worried that Europe's deteriorating debt crisis might further drag down China's economy.
Shipping companies slumped. China Shipping Container Lines lost 2.33 percent to 2.51 yuan. China Cosco Holdings Co, Asia's largest shipping line fell 1.12 percent to 4.43 yuan.
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