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People's Daily Online>>China Business

China stocks close lower on U.S. deficit woes


21:08, November 22, 2011

BEIJING, Nov. 22 (Xinhua) -- Chinese stocks closed slightly lower on Tuesday, with the ongoing debt crises in the United State and Europe continuing to erode investor confidence.

The benchmark Shanghai Composite Index dropped 2.51 points, or 0.1 percent, to close at 2,412.63.

The Shenzhen Component Index edged down 5.59 points, or 0.06 percent, to finish at 10,028.2.

Combined turnover expanded to 102.23 billion yuan (16.09 billion U.S. dollars) from 101.4 billion yuan on the previous trading day.

Losers outnumbered gainers by 554 to 339 in Shanghai, and 737 to 569 in Shenzhen.

The Shanghai Composite Index has dropped by 4.63 percent since last Tuesday, reflecting a lack of confidence caused by debt woes in Europe and the U.S.

Late Monday, the co-chairs of a U.S. congressional "supercommittee" said they have failed to reach a deal on reducing the federal deficit, further sapping investors' confidence.

Sub-indices for shipbuilders and cement producers led the decline, dropping by 1.59 percent and 1.03 percent, respectively.

Coal producers also saw declines. China Shenhua dropped 0.61 percent to close at 26.06 yuan per share, while Yanzhou Coal Mining lost 1.1 percent to 27.09 yuan.

The liquor industry saw the biggest gains, with its sub-index gaining 1.82 percent. Kweichow Moutai, a leading Chinese liquor producer, climbed 2.59 percent to close at 206.07 yuan per share.

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