Published on ShanghaiDaily.com (http://www.shanghaidaily.com/)
http://www.shanghaidaily.com/sp/article/2008/200811/20081111/article_380233.htm
Shanghai index falls in line with regional markets
Created: 2008-11-11 16:36:26
Author:Ding Yining
THE Shanghai market dropped today as major Asian markets fell and investors grabbed profits after yesterday’s steep rise.
The benchmark Shanghai Composite Index dropped 1.66 percent, or 31.19 points, to 1,843.61 points. Turnover was 56.7 billion yuan (US$8.3 billion), slightly lower from yesterday’s 58.9 billion yuan. Losers outnumbered gainers 582 to 269 and 57 did not change.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 0.56 percent to 494.54 points. Turnover was 26.5 billion yuan.
Asian and American stocks also dropped. Singapore Straits Times lost 4.26 percent to 1,804.77 points. Japan's Nikkei 225 buckled 3 percent to 8.890.30 points while the Tokyo Stock Price Index retreated 2.98 percent to 889.36 points.
The Nasdaq decreased 1.86 percent on Monday while the S&P 500 lost 1.27 percent to 919.21 points in the United States.
“The index will probably go through minor fluctuations in the short term and after that it is still capable of rising in the long term,” according to a research note by GF Securities.
The National Bureau of Statistics said this morning the Consumer Price Index slowed to 4 percent last month from a year earlier, the lowest figure since May 2007. The downward momentum of both the CPI and Producer Price Index means inflationary pressure is easing and legislators will have more room to bolster domestic growth.
Blue chips suffered losses after yesterday’s gains. PetroChina, the biggest index component, sank 2.05 percent. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, stumbled 3.42 percent to 7.34 yuan.
Energy-related and real estate developers were among stocks to gain today.
China Vanke Co and Poly Real Estate Group Co, the nation's two biggest developers, both jumped on speculation the government will further cut borrowing costs. China Vanke Co added 2.28 percent to 6.27 yuan. Poly Real Estate increased 3.05 percent to 14.54 yuan.
Anhui Hengyuan Coal Industry and Electric Power Co rallied 7.31 percent to 9.84 yuan.
Long Jian Road & Bridge Co and Long Yuan Construction Group Co both surged the daily limit of 10 percent after the government pledged to support infrastructure construction.
The benchmark Shanghai Composite Index dropped 1.66 percent, or 31.19 points, to 1,843.61 points. Turnover was 56.7 billion yuan (US$8.3 billion), slightly lower from yesterday’s 58.9 billion yuan. Losers outnumbered gainers 582 to 269 and 57 did not change.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 0.56 percent to 494.54 points. Turnover was 26.5 billion yuan.
Asian and American stocks also dropped. Singapore Straits Times lost 4.26 percent to 1,804.77 points. Japan's Nikkei 225 buckled 3 percent to 8.890.30 points while the Tokyo Stock Price Index retreated 2.98 percent to 889.36 points.
The Nasdaq decreased 1.86 percent on Monday while the S&P 500 lost 1.27 percent to 919.21 points in the United States.
“The index will probably go through minor fluctuations in the short term and after that it is still capable of rising in the long term,” according to a research note by GF Securities.
The National Bureau of Statistics said this morning the Consumer Price Index slowed to 4 percent last month from a year earlier, the lowest figure since May 2007. The downward momentum of both the CPI and Producer Price Index means inflationary pressure is easing and legislators will have more room to bolster domestic growth.
Blue chips suffered losses after yesterday’s gains. PetroChina, the biggest index component, sank 2.05 percent. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, stumbled 3.42 percent to 7.34 yuan.
Energy-related and real estate developers were among stocks to gain today.
China Vanke Co and Poly Real Estate Group Co, the nation's two biggest developers, both jumped on speculation the government will further cut borrowing costs. China Vanke Co added 2.28 percent to 6.27 yuan. Poly Real Estate increased 3.05 percent to 14.54 yuan.
Anhui Hengyuan Coal Industry and Electric Power Co rallied 7.31 percent to 9.84 yuan.
Long Jian Road & Bridge Co and Long Yuan Construction Group Co both surged the daily limit of 10 percent after the government pledged to support infrastructure construction.
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