Stocks plummet to 2-1/2 week low point

09:19, August 13, 2010      

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China's key stock index closed down 1.2 percent Thursday, its lowest point in two-and-a-half weeks, weighed by falls in overseas markets while property firms pared earlier gains on profit taking.

China's insurance regulator announcing it would modify rules to allow insurance companies' to invest as much as three times the previous limit in overseas capital markets triggered an early rally in property issues.

The Shanghai Composite Index ended at 2,575.5 points, after closing up 0.5 percent Wednesday. Turnover in Shanghai A shares rose to 96 billion yuan ($14.17 billion) from Wednesday's 88 billion yuan ($12.99 billion).

The index has gained 8.1 percent from its July low, with expectations of a stable economic policy outlook this year and attractive valuations sending investors back into the market.

"A-shares have not fallen as much today, despite broad weakness in overseas markets, with the relaxation by the insurance regulator for insurers having a definite positive impact," said Zhang Yanbing, analyst at Zheshang Securities in Shanghai.

Source: Global Times


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