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Shanghai stock index down to five month low as confidence dwindles

By Yu Xi (Global Times)

08:05, June 26, 2012

The Shanghai and Shenzhen stock markets ended with heavy losses Monday, with the Shanghai Composite Index finishing the trading day at the lowest level in five months due to downcast market sentiment.

The Shanghai Composite Index gave up 36.76 points, or 1.63 percent, to close at 2,224.11, while the Shenzhen Component Index slumped 2.77 percent, or 268.47 points, to close at 9,414.21.

Both markets opened lower Monday as last week's bearish downturn continued to darken investor sentiment. However, news that China's Ministry of Civil Affairs had last week announced the establishment of Sansha city - which will administer Xisha, Zhongsha and Nansha islands - helped the harbor and shipping sector advance in morning trading. Gains in the medical, electric power and banking sectors gave markets a nudge throughout the remainder of the session, but losses in the heavily weighted securities, coal and non-ferrous metal sectors sank both indices in the afternoon. The Shenzhen Component slipped to its lowest point so far this month by the end of the day.

Overall, investors adopted a dim outlook toward domestic enterprises after the recent release of HSBC Holdings and Markit Economics' Flash PMI, which has slid to 48.1 in June. Anxieties about the global and domestic economies are becoming more acute and sidelining market participants, analysts say.


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