Stocks News
- Chinese shares down 1.47 pct
Date: 15-Jun-2007 Sources: (People's Daily)
China's key stock index fell 1.47 percent on Thursday, after seven consecutive days of rises.
Analysts said the slump came amid worries over potential further cooling measures after China's industrial output expanded rapidly in May following huge surge in its trade surplus.
The nation's industrial output went up 18.1 percent in May compared with a year earlier, 0.7 percentage points higher than the previous month, the National Bureau of Statistics said Thursday.
Kou Jianxun, an analyst at Minzu Securities, said the market could experience a further correction in the near future.
The benchmark Shanghai Composite Index, which covers both A- and B-shares listed on the Shanghai Stock Exchange, slumped 61.27 points to close at 4,115.21 on turnover of 189.4 billion yuan (24.8 billion U.S. dollars). The index slid 2.17 percent at one stage.
The key Shanghai index rose 2.56 percent to end Wednesday at 4,176.48 points, the seventh straight positive session after it plunged 8.26 percent, the biggest fall in more than three months, on June 4.
The plunge came as investors dumped stocks in response to the tripling of stamp tax on securities transactions, a measure designed to cool the overheated equity markets.
The Shenzhen Component Index on the nation's smaller bourse was down 1.05 percent, or 145.20 points to finish at 13,666.28 on turnover of 102.2 billion yuan (13.4 billion U.S. dollars).
The Hushen 300 Index reflecting the total fluctuation of China's two
exchanges closed at 4,075.82 points, down 42.45 points or 1.03 percent from the previous close.
A total 1,082 stocks of more than 1,400 listed firms reported losses and blue chips led the index slump.
The Industrial and Commercial Bank of China lost 2.84 percent to 5.13 yuan after it gained 4.35 on Wednesday. Bank of China was down 2.41 percent to 5.27 yuan.
China Petroleum and Chemical Corporation, known as Sinopec, fell 3.09 percent to 14.73 yuan. Citic Securities, the nation's largest publicly traded securities house, slid 2.03 percent to 59.99 yuan.
Property shares turned in mixed performances. China Vanke, the country's largest listed real estate firm, lost 3.07 percent to 18.95 yuan. Shanghai Shimao, however, added 4.05 percent to 25.19 yuan.
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