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A Chinese man points out to an
electronic board showing the index and share prices at a stock trading
hall in Shanghai, China's financial hub, Aug. 31, 2009. China's benchmark
Shanghai Composite Index on the Shanghai Stock Exchange closed at 2667.75
points on Monday, down over 6 percent from the previous close.
(Xinhua/Huang Yan)
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Gallery>>> |
BEIJING, Aug. 31 (Xinhua) -- Chinese equities Monday
plunged 6.74 percent to a three-month low as investors showed concern a slowdown
in bank lending would erode economic growth.
The benchmark Shanghai Composite Index fell 6.74
percent, or 192.94 points to finish at 2,667.75. This was the largest daily drop
for the key Shanghai index since June last year.
The Shenzhen Component Index tumbled 7.55 percent, or
864.99 points, to end at 10,585.09.
Combined turnover shrank to 196 billion yuan (28.7
billion U.S. dollars) from 207.38 billion yuan last Friday.
New yuan-denominated loans this month amounted to 200
billion yuan on Friday, which indicated lending for the entire month would be
less than 300 billion yuan, or even less than last August's record low of 270
billion yuan.
To stimulate economic growth, China's banks extended
a total of 7.73 trillion yuan new loans in the first seven months this year, far
exceeding the annual target of 5 trillion yuan.
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A Chinese man looks at an electronic
board showing the index and share prices at a stock trading hall in
Shanghai, China's financial hub, Aug. 31, 2009.(Xinhua/Huang
Yan)
Photo
Gallery>>> |
All sectors on the two bourses fell. Losers
outnumbered gainers by 842 to 27 in Shanghai and 726 to 23 in Shenzhen. Nearly
300 stocks fell by the daily 10-percent limit.
Banking shares declined across the board. The
Industrial and Commercial Bank of China, the country's biggest lender, lost 2.38
percent to 4.52 yuan, and China Construction Bank, the country's largest
mortgage lender, was down 3.68 percent to 5.24 yuan.
Coal miner shares fell the most, with 11 of the 27
stocks in the sector plunged by the daily limit of 10 percent. China Shenhua,
the nation's largest coal producer, plummeted 9.77 percent to 27.88 yuan per
share.
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A Chinese man walks past at an
electronic board showing the index and share prices at a stock trading
hall in Shanghai, China's financial hub, Aug. 31, 2009.(Xinhua/Huang
Yan)
Photo
Gallery>>> |
Sinopec, Asia's top oil refiner, declined by the
daily 10-percent limit to 11.13 yuan on concern about profitability as oil
prices will be kept unchanged to support the economy, despite rising global
crude oil prices.
PetroChina, the country's largest oil producer,
dropped 6.7 percent to 12.8 yuan.
Special Report:
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