Economy
China's stocks fall to one year low
(Xinhua)
Updated: 2010-05-17 17:54
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BEIJING: Chinese shares dropped to their lowest level in almost a year Monday on the back of falls in brokerage and coal mining stocks.
The benchmark Shanghai Composite Index slumped 5.07 percent to close at 2,559.93 points while the Shenzhen Component Index fell 5.79 percent to 9,731.72 points.
Total turnover rose to 150.61 billion yuan (22.05 billion U.S. dollars) compared with 143.52 billion yuan the previous trading day.
Losers outnumbered gainers by 868 to 18 in Shanghai and 918 to 12 in Shenzhen.
Brokerages fell hardest Monday after data showed 35 companies that went public this year, or 26.7 percent of all those that went public, had as of Friday fallen below their initial public offering prices.
Southwest Securities plunged by the daily limit of 10 percent to 13.69 yuan per share while CITIC Securities, one of China's leading securities companies, dropped 7.97 percent to 19.52 yuan per share.
Coal miners also fell heavily Monday. The debt crisis in Greece and the slow economic recovery in the eurozone has dampened demand for crude oil, sending international crude oil prices to a three-month low last Friday.
The fall in crude prices prompted stocks of Chinese oil companies and coal miners to slide.
Datong Coal Industry Co. slumped 7.6 percent to 32.2 yuan per share while Yanzhou Coal Mining Co. slid 6.9 percent to 19.27 yuan per share.
Property shares extended their losses from the previous trading day on concern over policy moves to cool the booming property market.
China Vanke Co., the country's largest property developer, retreated 5.3 percent to 6.92 yuan per share while Poly Real Estate, the second largest developer, fell 7.3 percent to 10.1 yuan per share.
Auto makers also posted big losses Monday. Shanghai Automobile Industry Corp. slumped 6.9 percent to 16.21 yuan per share while Dongfeng Motor Corp. dropped 8.6 percent to 5.12 yuan per share.
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An investor stands in front of an electronic board displaying stock information at a brokerage house in Huaibai, Anhui province May 17, 2010. [Photo/Asianewsphoto] |
