Home
News
In Focus
Business
Metro
Nation
World
Sports
Feature
Opinion
View more »Opinion Columns
Wan LixinOpinion deputy editor of Shanghai Daily
Restaurants get off to a quick start thanks to game-changing policies
High service charges on event ticket refunds call for further regulation
Sunday
- Subscribe
Related News
Tumbles in overseas markets send Shanghai key index lower
By Pan Xiaoyi |
March 4, 2009, Wednesday
|
Print Edition
Print Edition
SHANGHAI'S key stock index closed lower yesterday following drops in the United States and other overseas markets as investors were increasingly concerned the global financial crisis will deepen.
The Shanghai Composite Index fell 1.05 percent, or 22.02 points, to 2,071.43 points. Gainers outnumbered losers 438 to 421 while 27 stocks were unchanged. Turnover rose a little to 79.9 billion yuan (US$11.75 billion), compared with 72.2 billion yuan on Monday.
"The US market hit a new low overnight after AIG reported a loss of US$61.7 billion in the fourth quarter in 2008," said Li Gang, an analyst from Jiangnan Securities Co. "Worsening markets overseas severely hurt the domestic market sentiment. The local benchmark index is fluctuating as it tries to seek the bottom line."
Li said that sectors expecting government support outperformed the others.
The annual meeting of China's top advisory body started in Beijing yesterday.
Commodities producers led losses on talk the worsening economic situation will further dampen the demand for resources. PetroChina Co, the index's biggest component, slid 1.49 percent to 10.56 yuan while Jiangxi Copper Co lost 1.74 percent to 15.21 yuan. Zhongjin Gold Co, China's second-largest producer of the metal, plunged 5.29 percent to 8.23 yuan as gold retreated for a sixth day.
Lenders also lost, with China Merchants Bank Co falling 3.9 percent to 14.05 yuan while Shanghai Pudong Development Bank slumped 3.86 percent to 16.94 yuan and Industrial & Commercial Bank of China shed 1.35 percent to 3.65 yuan.
Among gainers, Beijing Sanyuan Foods Co, a dairy firm, rose by the 10 percent daily cap to 6.66 yuan after saying shareholders approved a plan to bid for bankrupt Sanlu Group Co's assets.
The Shanghai Composite Index fell 1.05 percent, or 22.02 points, to 2,071.43 points. Gainers outnumbered losers 438 to 421 while 27 stocks were unchanged. Turnover rose a little to 79.9 billion yuan (US$11.75 billion), compared with 72.2 billion yuan on Monday.
"The US market hit a new low overnight after AIG reported a loss of US$61.7 billion in the fourth quarter in 2008," said Li Gang, an analyst from Jiangnan Securities Co. "Worsening markets overseas severely hurt the domestic market sentiment. The local benchmark index is fluctuating as it tries to seek the bottom line."
Li said that sectors expecting government support outperformed the others.
The annual meeting of China's top advisory body started in Beijing yesterday.
Commodities producers led losses on talk the worsening economic situation will further dampen the demand for resources. PetroChina Co, the index's biggest component, slid 1.49 percent to 10.56 yuan while Jiangxi Copper Co lost 1.74 percent to 15.21 yuan. Zhongjin Gold Co, China's second-largest producer of the metal, plunged 5.29 percent to 8.23 yuan as gold retreated for a sixth day.
Lenders also lost, with China Merchants Bank Co falling 3.9 percent to 14.05 yuan while Shanghai Pudong Development Bank slumped 3.86 percent to 16.94 yuan and Industrial & Commercial Bank of China shed 1.35 percent to 3.65 yuan.
Among gainers, Beijing Sanyuan Foods Co, a dairy firm, rose by the 10 percent daily cap to 6.66 yuan after saying shareholders approved a plan to bid for bankrupt Sanlu Group Co's assets.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
