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Stocks fall again amid concerns over tightening policy

2013-10-25 08:15 Global Times Web Editor: qindexing
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Stock markets in the Chinese mainland fell for a third consecutive day Thursday to the lowest level in October, amid concerns over liquidity.

The benchmark Shanghai Composite Index fell 18.78 points or 0.86 percent to close at 2,164.32 points on Thursday. The Shenzhen Component Index also dropped by 26.43 points or 0.31 percent to 8,486.52 points.

Combined turnover on the two bourses on Thursday was 186.3 billion yuan ($30.63 billion), down from Wednesday's 263.8 billion yuan.

A stronger-than-expected reading for the flash HSBC Purchasing Managers' Index for October, which hit a seven-month high of 50.9, failed to revive the mood of investors, who continued profit-taking.

Worries about further tightening by China's central bank in order to curb inflation risks countered a brief gain from the HSBC PMI data.

Stocks related to the environment, coal, gold, water, and finance were the worst performers, while shares in autos rose on Thursday.

Xiamen Savings Environmental Co fell by 9.92 percent to 30.98 yuan. But SAIC Motor Corp jumped 5.37 percent to 14.33 yuan and FAW Car Co rose by 4.77 percent to 15.16 yuan.

Home appliance firms also gained. NB Sunlight ELEC Appliance Co rose by 9.97 percent to 15.11 yuan and Midea Group Co ended 3.06 percent higher at 47.50 yuan.

ChiNext, China's NASDAQ-stylboard for high-tech and fast-growing start-ups listed in Shenzhen, dropped 15.30 points or 1.17 percent to end at 1,295.93 points on Thursday.

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