BEIJING, Feb. 27 (Xinhua) -- Chinese shares slumped
sharply on profit-taking on Tuesday, with the major Shanghai index down 8.84
percent, the biggest daily drop in 10 years.
The benchmark Shanghai Composite Index, covers both A- and B-shares, plunged 8.84 percent to closed at 2,771.79
points, the biggest daily dive since Feb. 18 in 1997 when the index dropped 8.91
percent.
The component index of the smaller Shenzhen Stock
Exchange lost 9.29 percent, or 797.87 points to end at 7,790.82 points. Turnover
on the two bourses totaled 198.9 billion yuan (24.8 billion U.S. dollars).
Prices of 1,263 shares, out of the country's 1,400
domestically listed companies, were down. More than 900 stocks plunged to the
downward limit of 10 percent, and only 57 gained.
Market heavyweights declined, with shares of the
Industrial and Commercial Bank of China slid 8.04 percent to 4.69 yuan and that
of the Bank of China fell 7.23 percent to 4.62 yuan.
China Life, the country's biggest life insurer, lost
9.02 percent to 33.89 yuan.
Banking shares experienced heavy loses after the
People's Bank of China, the country's central bank, raised the required reserve
ratio for financial institutions engaging in deposit business by 0.5 percentage
points to 10 percent on Sunday.
Share price of China Petroleum and Chemical
Corporation, known as Sinopec, slid 10 percent, the daily maximum, after crude
oil price hit a two-month high on Monday on higher heating oil demand boosted by
winter storm in the United States.
Light sweet crude for April delivery added 25 cents
to 61.39 U.S. dollars on the New York Mercantile Exchange, the highest close
since Dec. 22.
"As the indices stand at unprecedented highs, the
risks are also piled up high," said securities analyst Qiu Yanying. But he
believed the slump was a regular market adjustment.
Chinese shares climbed to a new high Monday, the
first trading day of the Year of Pig, as the benchmark Shanghai Composite Index
gained 42.13 points to closed at 3,040.60 points.
Related:
Chinese shares fall 4.89% in morning session 2007-02-27 13:23:22
BEIJING, Feb. 27 (Xinhua) --
Chinese share prices ended the morning session sharply lower on Tuesday as the
benchmark Shanghai Composite Index fell 4.89 percent to 2,891.91 points.
The index, which covers both A- and B-shares, opened at 3,048.83 points, up
8.23 points from Monday's record closing of 3,040.60 points.
Chinese shares end Monday morning 0.39 pct lower 2007-02-26 11:59:58
BEIJING, Feb. 26 (Xinhua) -- Chinese
shares ended the morning session slightly lower as the benchmark Shanghai
Composite Index fell 0.39 percent to 2,986.84 points on Monday, the first
trading day after the Chinese Lunar New Year holiday.
The index, which covers both A- and B-shares, opened at 2,999.09 points, up
by 0.61 points, or 0.02 percent higher from the previous record closing of
2,998.47 points.
Shanghai Composite Index closes at record high 2007-02-16 17:32:06
SHANGHAI, Feb. 16 (Xinhua) -- The benchmark Shanghai Composite Index, a major
index of Chinese shares, closed at a record high of 2,998.47 points on Friday,
up 5.46 points over the previous close.
The index, which covers both yuan-denominated A-shares and foreign
currency-denominated B-shares, opened at 3018.18 points and hit an all-time high
of 3036.35 points in the afternoon but plunged to 2998.47 points when closing.
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A man grasps the bull horn of a statue
in excitement in east China's Shanghai Feb. 16, 2007. The benchmark
Shanghai Composite Index, a major index of Chinese shares, hit an all-time
high of 3036.35 points and closed at a record high of 2,998.47 points on
Friday, up 5.46 points over the previous close. The component index of the
smaller Shenzhen Stock Exchange also hit an all-time high of 8740.91
points but closed at 8,572.27 points, down 10.64 points. (Xinhua/Zhang
Ming)
Photo
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