BIZCHINA / News |
Index opens lower, diving toward 3,800-point levelBy Li Zengxin (chinadaily.com.cn)Updated: 2007-06-26 09:39 After two days of deep plunges, dominant selling bids this morning resulted in a much lower opening in the stock market, indicating severe loss in investor confidence. The benchmark Shanghai Composite Index opened 77.83 points lower from 3,863.25, losing the 3,900-point stand. It was then diving toward the 3,800-point level. The Shenzhen Component Index, opened from 12,877.35, 239.91 points lower than yesterday's closing. The plunges in the last two trading days have eliminated 1.408 trillion yuan off from the stock market. The market value of all securities in the two exchanges stood at 17 trillion yuan, down 7.7 percent from that of last Thursday, before the Shanghai Composite Index suffered a 280-point loss in merely two trading days. Yesterday, there were over 500 stocks sealed at the maximum proportion of price slump of 10 percent and prices of 300 shares closed lower than the lowest prices following May 29, when the stamp tax rate was raised to 0.3 percent overnight. (For more biz stories, please visit Industry Updates)
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