Latest News:  
Beijing   Cloudy    25 / 20 ℃  City Forecast

English>>China Business

China stocks slump over 2 pct to 43-month low

(Xinhua)

08:26, September 21, 2012

BEIJING, Sept. 20 (Xinhua) -- Chinese stocks slumped more than 2 percent on Thursday hitting the lowest level in 43 months, following investors' growing concerns over the economic prospects.

The benchmark Shanghai Composite Index tumbled 2.08 percent, or 42.99 points, to close at 2,024.84. The Shenzhen Component Index closed at 8,202.2, down 2.72 percent, or 229.54 points.

Combined turnover rose to 110.3 billion yuan (17.51 billion U.S. dollars) from 88.98 billion yuan on the previous day's trading.

Analysts said the sharp decline was mainly triggered by investors worrying over future economic growth, as the latest HSBC showed that the country's manufacturing activities contracted in September.

An HSBC report said on Thursday that the previewed purchasing managers index (PMI) for China's manufacturing sector rose moderately in September to 47.8, but it remained below 50, which suggests contraction.

Elsewhere, foreign direct investment (FDI) into China fell for the third consecutive month in August, which dropped 1.43 percent from a year earlier to 8.33 billion U.S. dollars, the Ministry of Commerce announced Wednesday.

Meanwhile, ongoing tensions between China and Japan over the Japanese government's so-called "purchase" of the Diaoyu Islands has further dampened market sentiment, said analysts.

Ship-builders were the only sector to benefit from the dispute, which gained more than 3 percent Thursday. China CSSC Holdings Limited was up 6.4 percent to 21.1 yuan, while CSSC Jiangnan Heavy Industry Co., Ltd. rose 2.14 percent to 16.23 yuan.

Coal miners and non-ferrous metal shares led Thursday's slump. Jinzhou New China Dragon Molybdenum Co., Ltd. tumbled 7.88 percent to 13.91 yuan, and Sino-Platinum Metals Co., Ltd. was down 6.64 percent to 19.7 yuan.

Shanxi Coking Co., Ltd. declined 6.81 percent to 8.07 yuan, while Heilongjiang Heihua Co., Ltd. dipped 6.83 percent to 5.32 yuan.

News we recommend:
Commercializing Kung Fu Deflation rears its ugly head Chinese restaurant chains face challenges
Suburban malls steal trade from city centers Textile margins wear thin 'Right time' for London to build RMB business
Global economic woes mire China in trade rows  Solar firms cut employees Making due contributions to world economy

Email|Print|Comments(Editor:厉振羽、张洪宇)

Leave your comment0 comments

  1. Name

  

Selections for you


  1. PLA Air Force conducts search and rescue exercise

  2. Space shuttle Endeavour takes off for last journey

  3. Alibaba closes buyback deal with Yahoo

  4. Crane whisperer

  5. Sexy & Violence --- Mexican women's wrestling

  6. Funny pictures:the world of brown bears

Most Popular

Opinions

  1. Chances of solving Syria crisis regionally ruled out
  2. Japan has never made effort to reflect its past
  3. Global value chains in the world economy
  4. Renaming of South China Sea draws some flak
  5. Returnees should receive a helping hand
  6. U.S. trade dispute with China a mistake
  7. Landings fan protest flames
  8. Politics should not victimize China-US trade
  9. Shifting sands in Middle East
  10. U.S. has responsibility for Asia-Pacific stability

What's happening in China

Chemical leakage turns villages red in Shandong

  1. Shaanxi declines to reveal official's salary
  2. Policeman shot fellow officer, then himself
  3. Renmin University receives $32m donation
  4. Principal defends rejecting autistic boy
  5. Childless elderly to receive government help

China Features

  1. Survivors tell you how to survive traffic accidents
  2. Why was the U.S. ambassador killed in Libya?
  3. Unforgettable moments you can't miss in Sept.(II)
  4. Three questions for Japan
  5. Commercializing Kung Fu

PD Online Data

  1. Ministry of Water Resources
  2. Ministry of Railways
  3. People's Bank of China
  4. Ministry of Health
  5. Ministry of Culture