Home / Business / Finance Tools: Save | Print | E-mail | Most Read | Comment
China stocks drop 2.71% despite early rise
Adjust font size:




Chinese shares fell 2.71 percent on Tuesday despite early morning gains.

The benchmark Shanghai Composite Index gained 1.21 percent in the morning session, but dropped 56.25 points to end at 2,017.32 despite growth in surrounding markets. The Shenzhen Component Index closed at 6,473.12 points, down 1.5 percent.

The poor performance of the domestic market against global stock increases greatly damaged investor confidence, analysts said.

Japanese Nikkei index soared 14.2 percent to 7,447.57 points, stimulated by a series of recent actions by governments and central banks worldwide to ease the global credit crunch. Hong Kong Hang Seng index also rose 3.33 percent.

Financial shares dropped in the afternoon on profit taking, after they made major gains Monday and Tuesday morning, said analysts. Citic Securities and Haitong Securities plunged by the daily limit of 10 percent to 20.41 yuan (about 3 US dollars) and 19.91 yuan respectively.

Other blue chips also suffered, which helped pulled down the overall market. PetroChina weakened 1.65 percent to 11.9 yuan, and China Merchants Bank dropped 1.91 percent to 14.93 yuan.

Dairy-related shares bucked the trend. Yili and Bright made second day surges by the daily limit of 10 percent after making clarifications on losses over melamine-tainted products.

Aggregate turnover edged up to 76.8 billion yuan (11.3 billion US dollars) from the previous day's 57.6 billion yuan. The two bourses saw 217 gains and 1,373 losses, with 120 unchanged.  

(Xinhua News Agency October 14, 2008)

Tools: Save | Print | E-mail | Most Read
Pet Name
China Archives
Related >>
- China stocks rise more than 3% on bank shares rebound
- Chinese shares plummet 3.44% in morning session
- Chinese shares dip 3.37 pct on weak market confidence
- Chinese shares open 3.8% lower amid global nosedive
Most Viewed >>
- Index down as commodity shares slump
- US gov't injects US$250 bln into key banks
- Exclusive: Standard Chartered shows confidence amid crisis
- Exporters come to terms with global slowdown
- Economist upbeat about Chinese economy
- Output of Major Industrial Products
- Investment by Various Sectors
- Foreign Direct Investment by Country or Region
- National Price Index
- Value of Major Commodity Import
- Money Supply
- Exchange Rate and Foreign Exchange Reserve
- What does the China-Pakistan Free Trade Agreement cover?
- How to Set up a Foreign Capital Enterprise in China?
- How Does the VAT Works in China?
- How Much RMB or Foreign Currency Can Be Physically Carried Out of or Into China?
- What Is the Electrical Fitting in China?