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China stocks dive over 5%, lowest in 8 weeks
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15:31, August 17, 2009

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Chinese stocks slid more than 5 percent to their lowest in nearly eight weeks on Monday, with metal and energy shares down while worries about additional share supplies weighed on the market.

The Shanghai Composite Index fell to 2,884.302 points, down 5.3 percent and extending last week's 6.6 percent drop. The index has shed 17 percent from its 14-month high of 3,478 points hit two weeks ago.

"The downtrend is clear. The index has not found a safe floor yet. Everbright's listing, regulators' warnings to banks on risks and a gloomy commodity market triggered panic selling," said Tang Yonggang, chief strategist at Hong Yuan Securities.

The market has slipped in recent weeks on worries that this year's rally had got ahead of the economic recovery, while concerns about new supplies of equity also weighed on sentiment with major brokerage Everbright Securities due to list in Shanghai on Tuesday.

Source:China Daily/Agencies



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