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People's Daily Online>>China Business

Stocks plunge on global banking downgrades

By Feng Jianmin (Shanghai Daily)

13:35, November 30, 2011

Shanghai's key stock index tumbled in the morning session after Standard & Poor's downgraded the rating for many top banks worldwide, and on concerns that China's industrial expansion has slowed down in October.

The Shanghai Composite Index lost 2.3 percent to 2,356.33 points.

Bank of America Corp and its main subsidiaries are among the institutions whose ratings fell at least one notch yesterday, along with Citigroup, Goldman Sachs Group, JPMorgan Chase & Co, Morgan Stanley and Wells Fargo & Co.

No Chinese banks were included in the downgrades.

Meanwhile, investors are worried that China's official Purchasing Managers' Index for October, due for release tomorrow, may indicate slower expansion or even contraction.

A Reuters poll showed that a total of 13 financial institutions expect the index to range between 49 to 50.2.

Banks were weak. Bank of China slid 2.1 percent to 2.87 yuan. China Merchants Bank was down 2 percent to 11.33 yuan.

Steelmakers dropped. Baoshan Iron & Steel Co lost 2 percent to 4.91 yuan. Wuhan Iron & Steel Co shed 2.5 percent to 3.19 yuan.

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