Global jitters trim 2% from index
SHANGHAI'S key stock index fell nearly 2 percent today, driving the index to a third straight weekly loss, following tumbles in surrounding markets overnight on concerns the global recovery may falter.
The benchmark Shanghai Composite Index plunged 1.87 percent, or 55.91 points, to close at 2,939.4 points, sending the gauge to a weekly loss of 1.7 percent. Turnover shrank to 110.9 billion yuan (US$16.3 billion) from 114.6 billion yuan on Thursday. Losers outnumbered gainers 724 to 157 and 10 shares remained unchanged.
The benchmark key index has lost 10.7 percent so far this year, becoming the worst performing market worldwide.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 2.02 percent to close at 1,097.12 points.
Budget deficits in countries such as Greek, Portugal and Spanish have fanned investor concerns over a credit crisis.
Standard & Poor's 500 Index in the US slid 4.7 percent and Europe's Dow Jones Stoxx 600 Index fell 4.4 percent.
On the domestic front, the Shanghai Stock Exchange said yesterday it is all ready to start the international board and is waiting for state regulators' approval, strengthening concerns over market liquidity.
Commodity producers led the decliners after prices tumbled amid the gloomy economic outlook. Aluminum Corp of China, the nation's biggest maker of the lightweight metal, retreated 3 percent to 12.15 yuan. Jiangxi Copper Co decreased 3.5 percent to 33.42 yuan.
Baoshan Iron & Steel Co eased 3.4 percent to 7.34 yuan. Angang Steel Co slid 3.9 percent to 11.19 yuan and Wuhan Iron & Steel Co was down 2.4 percent to 6.55 yuan.
PetroChina, the biggest component of the index, was off 1.6 percent to 12.71 yuan. Sinopec, Asia's largest oil refiner, fell 2.3 percent to 10.93 yuan.
