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US slump pulls down Shanghai market
By Ye Zhen |
May 18, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI stocks fell in this morning, following a drop in US market after Fitch cut Greece's long-term ratings yesterday.
The benchmark Shanghai Composite Index lost 1.06 percent, or 25.16 points to 2,353.73. Turnover stood at 44.8 billion yuan (US$7.11 billion).
Fitch ratings agency downgraded Greece's long-term credit ratings to CCC from B- yesterday, citing political impasses in Athens have raised the risk that the nation may leave the single currency union.
US stocks plunged sharply on the news. The S&P 500 Index and the Dow Jones industrials continued their losses for a fifth straight day and dropped 1.5 percent and 1.2 percent respectively, while the Nasdaq slumped 2.1 percent.
Lenders dropped in Shanghai trading as non-performing loans in commercial banks rose for a second consecutive quarter. The Industrial and Commercial Bank of China Ltd, the nation's largest lender, lost 1.6 percent to 4.26 yuan. China Merchants Bank Co dropped 1.7 percent to 11.59 yuan, while Agricultural Bank of China fell 1.1 percent to 2.67 yuan.
Non-performing loans in China's commercial banks in the first quarter rose to 438.2 billion yuan, accounting for 0.9 percent of total lending, the China Banking Regulatory Commission said yesterday.
Port companies surged after China, Japan and South Korea settled down an agreement that the three nations will start negotiations this year on the establishment of a free-trade pact. Dalian Port Co jumped the day limit of 10 percent to 3.29 yuan. Jiangsu Lianyungang Port Co also hit the jump to reach 4.88 yuan.
The benchmark Shanghai Composite Index lost 1.06 percent, or 25.16 points to 2,353.73. Turnover stood at 44.8 billion yuan (US$7.11 billion).
Fitch ratings agency downgraded Greece's long-term credit ratings to CCC from B- yesterday, citing political impasses in Athens have raised the risk that the nation may leave the single currency union.
US stocks plunged sharply on the news. The S&P 500 Index and the Dow Jones industrials continued their losses for a fifth straight day and dropped 1.5 percent and 1.2 percent respectively, while the Nasdaq slumped 2.1 percent.
Lenders dropped in Shanghai trading as non-performing loans in commercial banks rose for a second consecutive quarter. The Industrial and Commercial Bank of China Ltd, the nation's largest lender, lost 1.6 percent to 4.26 yuan. China Merchants Bank Co dropped 1.7 percent to 11.59 yuan, while Agricultural Bank of China fell 1.1 percent to 2.67 yuan.
Non-performing loans in China's commercial banks in the first quarter rose to 438.2 billion yuan, accounting for 0.9 percent of total lending, the China Banking Regulatory Commission said yesterday.
Port companies surged after China, Japan and South Korea settled down an agreement that the three nations will start negotiations this year on the establishment of a free-trade pact. Dalian Port Co jumped the day limit of 10 percent to 3.29 yuan. Jiangsu Lianyungang Port Co also hit the jump to reach 4.88 yuan.
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