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BIZCHINA / News |
Agriculture leads morning plummet on stock markets(Xinhua)
Updated: 2008-01-17 13:31 Chinese shares continued to lose ground on Thursday morning, with the benchmark Shanghai Composite Index sinking 2.6 percent or 142.62 points to 5,147.99 on tightening measures and price curb policies. The plummet came after the index registered the sharpest decline of three percent in eight weeks the previous day and was led by agriculture block which fell by 5.5 percent or 227.61 points after the authorities banned a dozen of enterprises to raise price for instant noodles, edible oil and dairy products arbitrarily late Thursday. Exporters plunged by 3.19 percent or 199.29 points on fear that weaker consumer spending in the US, China's second-largest trading partner, could slow exports and economic growth in the world's fastest-growing major economy. Banks dwindled by 2.41 percent or 203.44 points in the wake of a Thursday announcement for a rise of 50 basis points in the required reserve ratio for commercial bank as of January 25, with the Ningbo Bank and Pudong Development Bank tumbling the most. Traded between 5,312.29 points and 5,147.99 points, the yuan-denominated Shanghai A-share market saw a turnover 85.65 billion yuan ($8.09 billion). Declining issues outnumbered advancers by more than 10 to 1, with only 126 issues flattening. The Shenzhen Component Index, which covers the smaller Shenzhen Stock Exchange, dropped 513.88 points or 2.8 percent to 17,838.12 compared with the 3.58-percent decline for the whole day of Wednesday. The market's morning turnover stood at 43.94 billion yuan, with 583 issues declining and 92 advancing. |
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