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Stocks tumble on EU debt concerns
By Feng Jianmin |
November 2, 2011, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index lost 1 percent in the morning session taking its cue from overseas market tumbles on concerns over worsening European debt crisis.
The benchmark Shanghai Composite Index fell 24.62 points to 2,445.40 points. Turnover was 43.8 billion yuan (US$6.9 billion).
The weak performance of Chinese stocks followed a 2.5 percent drop of the Dow Jones Industrial Average yesterday, on concerns that Greece's referendum has put Europe's bailout plan in jeopardy.
Kou Jianxun, an analyst with Soochow Securities, said that the market was in a sensitive period, it has reached its bottom but previous tumbles have hurt market sentiment.
Commodity producers led the decliners. Baoshan Iron & Steel Co shed 1.1 percent to 5.19 yuan. Jiangxi Copper Co slid 3.1 percent to 27 yuan. Shandong Gold Mining Group Co trailed 2.6 percent to 37.04 yuan.
The benchmark Shanghai Composite Index fell 24.62 points to 2,445.40 points. Turnover was 43.8 billion yuan (US$6.9 billion).
The weak performance of Chinese stocks followed a 2.5 percent drop of the Dow Jones Industrial Average yesterday, on concerns that Greece's referendum has put Europe's bailout plan in jeopardy.
Kou Jianxun, an analyst with Soochow Securities, said that the market was in a sensitive period, it has reached its bottom but previous tumbles have hurt market sentiment.
Commodity producers led the decliners. Baoshan Iron & Steel Co shed 1.1 percent to 5.19 yuan. Jiangxi Copper Co slid 3.1 percent to 27 yuan. Shandong Gold Mining Group Co trailed 2.6 percent to 37.04 yuan.
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