Markets

Developers, commodity firms lead slump in stocks

By Chua Kong Ho (China Daily)
Updated: 2010-06-11 09:48

'Bear market'

Manop Sangiambut, head of China A-share research at CLSA Asia-Pacific Markets, said that the introduction of index-futures trading has contributed to recent declines.

"We are still in a bear market," said Zhang Ling, a fund manager at Shanghai River Fund Management Co. "Given the outlook of the economic data, the government isn't likely to relax its current tightening measures now. Any jump on the index is a bear-market rally."

Related readings:  Chinese stocks fall on tightening policy concern - June 10  Hong Kong stocks close 0.06% higher - June 10  Stocks rise on surging exports - June 9  China Vanke sales drop in May on property tightening moves

Hang Seng gains

Hong Kong's benchmark stock index rose, as a surge in mainland exports overshadowed a drop in developers on concern mainland will step up tightening measures.

The Hang Seng Index advanced 0.1 percent to close at 19,632.70. The Hang Seng China Enterprises Index of mainland companies' H-shares gained 0.1 percent to 11,178.17.

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