China's stocks decline to 14-mth low
China's stocks slumped, driving the benchmark index down the most in six weeks, on concern the nation's property curbs and Europe's debt crisis will slow growth in the world's third-largest economy. The Shanghai Composite Index retreated 108.23, or 4.3 percent, to close at 2,427.05, the most since May 17 and the lowest close in 14 months, after the Conference Board revised down its April gauge for China's economic outlook to indicate a weaker expansion. Declines deepened after the gauge fell below a technical support level at 2,481. Jiangxi Copper Co paced losses by commodity producers after the New York-based research group said the leading economic index it compiles rose the least since November. China Cosco Holdings Co, the world's largest operator of dry-bulk ships, slid to the lowest since January as Citigroup Inc said Chinese exports face "strong headwinds." "Pessimism is growing about slowing economic and profit growth," said Dai Ming, a fund manager at Shanghai Kingsun Investment Management & Consulting Co. The Shanghai Composite has tumbled 22 percent this quarter, heading for the biggest loss since the three months to March 2008, as policy makers tightened rules for the property market and concern grew that Europe's austerity measures will hurt demand in China's largest export destination. The equity index is the world's third-worst performer this year, down 26 percent. Banks drop most in 5 weeks China's banks fell the most in five weeks on concern Agricultural Bank of China Ltd's initial public offering may divert investor funds away from other lenders during a slump in the nation's equity markets. ABC said late Monday in a statement filed with the Shanghai Stock Exchange that it had set the price range for the Shanghai portion of its initial public offering (IPO) at 2.52 to 2.68 yuan ($0.37 to $0.39). The pricing of the shares means ABC, the last of China's "big four" State-owned banks to float shares, would be able to raise up to $23.2 billion, set to beat a record $21.9 billion raised by Industrial & Commercial Bank of China in 2006. Institutions will start subscribing for ABC's IPO on Thursday, while retail subscriptions are scheduled for early next week.Investors started pulling funds from the market to prepare for a major initial public offering by the bank, according to Reuters. A gauge of lenders in the CSI 300 Index retreated 4 percent at 2:39 pm, the most since May 17. Industrial & Commercial Bank of China Ltd slid 3.1 percent to 4.13 yuan. Bank of China Ltd lost 2.3 percent to 3.47 yuan. About Author We are very professional supplier of selling Nike shoes such as Nike or more AirShox,AirMax,Air Jordan,Air Force 1 and so on, We offer grade A quality product only. Our products are authentic quality with original box.And all products displayed on our website are available and have stocks here. We offer very special prices to our customer (price depends on your quantity).Very fast and safety delivery by TNT, DHL OR EMS, we can delivery within 24 hours upon receiving your payment. It is very safe door to door service, never get problems with customs. If you have any questions, please feel free to contact us. We accept small orders! Thank you very much ! fail information, please kindly visit our website: www.footwearfile.com www.yannikeshoes.com www.pickfashion.com Disclaimer: Article submitters are solely responsible for the content of their articles. ArtiLib can't be held liable for the contents of the articles. Report Abuse | Browse By Category |
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