Home / Business / News Tools: Save | Print | E-mail | Most Read | Comment
Shanghai index close to nearly one-year low
Adjust font size:

A wide sell-off today dragged Shanghai's key stock index to nearly a one-year low, headed by industrial shares such as steel makers and oil-related stocks.

The Shanghai Composite Index, which tracks yuan-denominated A shares and hard-currency B shares, plunged 5.42 percent, or 195.36 points, to 3,411.49 at 3pm.

This is the lowest since April 9 last year when it stood at 3,398.95.

Losers in the Shanghai market outnumbered gainers 795 to 45, while 12 were unchanged.

The Shenzhen Composite Index, which covers the mainland's smaller stock market, was down 4.21 percent, or 48.52 points, to 1,105.12.

The Shanghai index has dropped more than 40 percent from its peak in mid-October on concern the government would raise interest rates to curb inflation running at an 11-year high. Last week, the People's Bank of China told lenders to set aside more reserves for a second time this year, after the central bank raised interest rates six times in 2007.

Baoshan Iron & Steel Co led steel makers lower after its 2007 profit dropped because of higher raw-material costs.

China Petroleum & Chemical Corp and PetroChina Co declined after a government report showed earnings growth of the country's industrial companies slowed in the first two months of this year.

Baoshan Steel, China's biggest maker of the alloy, shed 8.99 percent to finish at 13.06yuan (US$1.86), the most in two months. The company said 2007 profit fell 2.7 percent to 12.7 billion yuan,

Net income fell 2.7 percent to 12.7 billion yuan last year, Baoshan Steel said in a statement late yesterday.

Baoshan Steel Chairman Xu Lejiang this month said market conditions would be more difficult this year as costs rise and the government reins in lending.

China Petroleum & Chemical, known as Sinopec, the nation's largest oil refiner, fell 8.45 percent to 11.38 yuan, while PetroChina, the biggest oil producer, extended past losses and slid 8.31 percent to 16.99 yuan.

This was the first time PetroChina has fallen below its initial public offering price of 16.70 yuan on November 4.

Datang International Power Generation Co, the biggest Chinese electricity producer by market value listed in Hong Kong, sank 5.29 percent to close at 12.89 yuan. The company said it boosted 2007 profit 32 percent to 3.4 billion yuan after expanding power generation.

Chinese industrial companies reported combined profit rose 16.5 percent in January and February, the National Statistics Bureau said today. The gain was 44 percent in the first two months of 2007.

The country's industrial production grew at the slowest pace in more than a year in January and February as exports slowed, according to government data.

Insurers also decreased today.

China Pacific Insurance (Group) Co headed for its lowest close since its December 25 initial public offering after 300 million additional shares became available for trading yesterday.

China Pacific, the nation's third-largest insurer, lost 7.47 percent to 25.89 yuan. The stock dipped below its IPO price of 30 yuan for the first time yesterday.

China Life Insurance Co, the nation's largest insurer, fell 6.08 percent to 26.71 yuan. The company will focus more on bond investments and reduce stock holdings this year, according to Chief Investment Officer Liu Lefei.

(Shanghai Daily March 27, 2008)

Tools: Save | Print | E-mail | Most Read
Comment
Pet Name
Anonymous
China Archives
Related >>
- HK stock market weakens to end in negative ground
- 3 funds approved to counteract falling stock market
- Stock market song sold short without a share
- China to establish stock market for growth enterprises
- Stock market fundamentals 'still strong'
- Stock market not to turn bearish: economist
- Bullish stock market spurs securities companies
- Morgan Stanley upgrades HK stock market view
- Some 10% of new investors never think of stock market losses
-
Most Viewed >>
- China regrets Australian probe into Chinese toilet paper
- Move to 'Go West' reaps encouraging rewards
- Western provinces taking lead in economic development
- Chinese, US companies reach settlement in patent case
- Conditions defined for foreign takeovers of banks

April 11-13 Boao Forum for Asia

May 15-17 Shanghai Women's Forum Asia

Dec. 12-13 Beijing
China-US Strategic Economic Dialogue

- 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?
主站蜘蛛池模板: 亚洲熟妇av一区二区三区宅男| 国产探花在线观看| 中文国产成人精品久久一| 最近中文字幕视频高清| 亚洲精品成人网久久久久久| 精品人妻VA出轨中文字幕| 国产中文字幕电影| 91欧美在线视频| 国产精品反差婊在线观看| 99麻豆久久久国产精品免费| 幸福宝隐藏入口最新章节免费阅读小说| 久久人人爽人人爽人人av东京热| 欧美xxxxx性喷潮| 亚洲欧洲日产v特级毛片| 玖玖在线免费视频| 午夜无码国产理论在线| 色聚网久久综合| 国产国语对白露脸正在播放| 日本a免费观看| 国产精品国产三级国产普通话| 97无码人妻福利免费公开在线视频 | 俄罗斯一级成人毛片| 精品日本一区二区三区在线观看| 国产三级久久久精品麻豆三级 | 久草视频在线网| 欧美videosgratis蛇交| 亚洲欧洲专线一区| 正在播放国产伦理片| 亚洲综合色丁香婷婷六月图片| 真实国产乱子伦精品免费| 刚下班坐公交车被高c怎么办| 美女把尿口扒开让男人桶到出水| 国产一区二区三区不卡在线观看| 花蝴蝶免费版高清版| 国产乱人伦AV在线麻豆A| 蜜臀av性久久久久蜜臀aⅴ麻豆| 国产卡一卡二卡3卡4乱码| 香蕉视频一区二区三区| 国产婷婷色一区二区三区| 鲁不死色原网站| 国产在线五月综合婷婷|