Shares fall on slowing exports, EU debt concerns
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Xinhua, November 10, 2011
Chinese shares sank Thursday, sending the benchmark index on its greatest daily drop in almost three weeks as the nation's export figures indicated a further slowing in global demand and rising Italian bond yields fueled concerns about the eurozone debt crisis.
The benchmark Shanghai Composite Index fell 1.8 percent, or 45.38 points, to end at 2,479.54. The Shenzhen Component Index declined 1.4 percent, or 148.33 points, to finish at 10,477.55.
Combined turnover expanded to 175.77 billion yuan (27.77 billion U.S. dollars) from 156.82 billion yuan on the previous trading day.
Losers outnumbered gainers by 798 to 121 in Shanghai, and 978 to 354 in Shenzhen.
China's exports rose at the slowest pace in more than two years in October as the deepening European debt crisis dampened demand, putting pressure on policymakers to ensure growth in the world's second largest economy.
Meanwhile, a fresh wave of anxiety about the eurozone debt crisis arose after Italian government bond yields shot above levels considered unsustainable.
Overnight, Wall Street staged a sharp retreat with the Dow Jones Industrial Average tumbling 3.2 percent to close at 11,780.94, the biggest drop since Sept. 22. The S&P 500 lost 3.7 percent, its biggest daily drop since August.
On the two Chinese bourses, banking shares fell across the board Thursday. The Industrial and Commercial Bank of China, the country's largest lender, shed 2.75 percent to 4.24 yuan. Bank of Communications shares lost 2.87 percent to 4.74 yuan.
Meanwhile, shares of real estate developers also fell. China Vanke, the country's largest property developer, dropped 1.3 percent to 7.57 yuan. Poly Real Estate, the second largest, fell 2.54 percent to 9.58 yuan.
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