Home / Business / News Tools: Save | Print | E-mail | Most Read | Comment
Chinese shares drop as world markets fall
Adjust font size:

Chinese shares dropped 1.66 percent percent on Tuesday amid losses in world markets.

Led by Wall Street falls, the country's stocks opened 0.15 percent lower. The situation worsened when the neighboring stock markets posted losses, said analysts.

Stocks in east Asian markets posted widespread losses on Tuesday with Japanese shares down 3 percent and shares of the Republic of Korea down 2.06 percent.

The benchmark Shanghai Composite Index closed down 1.66 percent, or 31.19 points, to finish at 1,843.61. The Shenzhen index eased 0.45 percent, or 27.36 points, to close at 6,099.77 points.

The combined turnover was 83.214 billion yuan (12.2 billion U.S. dollars) compared with Monday's 78.636 billion yuan.

Shihua Financial Information analyst Chen Xiaohui said adjustment was normal and reasonable as it took time to restore investors' confidence after the government kicked off massive measures to sustain the economy.

Lingering concerns over a slowing economy and grim corporate outlook still hurt financial stocks and heavyweights, said analysts.

Haitong Securities lost 7.25 percent to 12.79 yuan. Bank of Communications retreated 3.69 percent to 4.96 yuan. Sinopec, Asia's largest oil refiner, went down 3.42 percent to 7.34 yuan.

Steel stocks, cement stocks and building material stocks were hot spots as they continued to rise boosted by the country's economy stimulus plan, said Chen.

Hebei-based Taihang Cement rose by the daily limit of 10 percent to close at 3.82 yuan. Fujian Cement advanced 9.57 percent to 3.78 yuan.

The Shanghai-based Longyuan Construction Group rose by the daily limit of 10 percent to finish at 5.15 yuan, so was the Southeast Spaceframe Co. which closed at 5.15 yuan.

(Xinhua News Agency November 11, 2008)

Tools: Save | Print | E-mail | Most Read
Pet Name
China Archives
Related >>
- Chinese shares jump 7.27% on economy stimulus package
- Chinese shares open 1.82% lower upon Wall Street slide
- Chinese shares end 2.5% lower in morning session
- Chinese shares open lower upon Wall Street falls
Most Viewed >>
- 2.8 mln jobless migrants to return to Hunan in 2009
- To buy or not to buy ...that is the question
- China retail sales rise 22% in October
- China CPI eases to 4% in October
- Chinese shares drop as world markets fall
- 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?