China's stocks drop nearly 1% Tuesday
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Xinhua, August 2, 2011
China's stocks ended lower Tuesday on renewed worries about both the domestic and global economy, with the benchmark Shanghai Composite Index down 0.91 percent to close at 2,679.26.
The Shenzhen Component Index edged down 0.59 percent to finish at 11,932.04.
Aggregated turnover rose to 151.15 billion yuan (23.43 billion U.S. dollars) from 129.28 billion yuan on the previous trading day.
Losers outnumbered gainers by 660 to 252 in Shanghai and by 820 to 468 in Shenzhen.
The government's stance to continue its prudent monetary policy and sluggish external markets have discouraged investors and pulled down Tuesday's market, analysts said.
"In face of continuing bad news, it is unlikely to see a rebound in market confidence," said Investoday Securities in a note after market close. But the market will take a wait-and-see attitude before the release of July's economic data, it said.
The People's Bank of China, the central bank, announced Monday that China will continue its prudent monetary policy during the second half and fighting inflation will remain the top priority.
Banks led the decline by dropping 0.73 percent. The Industrial and Commercial Bank of China, the country's largest lender, dipped 0.94 percent to 4.2 yuan. The Bank of Communications was down 1.05 percent to 4.73 yuan.
Oil producers were also weak on Tuesday due to decreasing international crude oil prices, with PetroChina, the nation's largest oil producer, down 1.88 percent to 10.45 yuan. Sinopec, China's largest oil refinery, dropped 1.42 percent to 7.64 yuan.
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