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China Stocks Continue to Fall on Wednesday

iconSep 6, 2012 08:39
Source:SMM
Chinese stocks fell to their lowest point since February 2009.

BEIJING, Sept. 5 -- Chinese stocks fell to their lowest point since February 2009 on Wednesday, with the benchmark Shanghai Composite Index down 5.97 points, or 0.29 percent, to close at 2,037.68.

The Shenzhen Component Index dropped 1.24 points, or 0.02 percent, to close at 8,242.59.

Combined turnover fell to 96.73 billion yuan (15.35 billion U.S. dollars), compared to 101.06 billion yuan on Tuesday.

Gainers outnumbered losers by 568 to 336 in Shanghai and 1,048 to 410 in Shenzhen.

Analysts said the market is still experiencing a downward trend and is likely to hit the 2,000-point mark if stimulus policies are not introduced.

Banks dropped across the board on news that foreign investors have sold off large amounts of financial shares on the Hong Kong market. Minsheng Bank tumbled 3.7 percent to 5.47 yuan per share, while China Merchant Bank was down 1.32 percent to 9.71 yuan.

Steelmakers were also weak, with Zhejiang Kingland Pipeline and Technologies Co., Ltd. down 5.82 percent to 8.41 yuan. Jiangsu Yulong Steel Pipe Co., Ltd. declined 4.11 percent to 9.79 yuan.

Aviation-related shares bucked the trend, as the country's civil aviation regulator said it plans to release a detailed plan on business aviation development.

Li Jiaxiang, head of the Civil Aviation Administration of China (CAAC), said at the Beijing International Business Aviation Show on Tuesday that China plans to build business airports in larger cities like Beijing and Shanghai.

Jiangxi Hongdu Aviation Industry Co., Ltd. was up 9.98 percent to 12.89 yuan, while Sichuan Chengfa Aero Science & Technology Co., Ltd. rose 4.27 percent to 8.31 yuan.

 

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