Chinese shares plummet 3.44 pct in morning session
13/10/2008 16:58
Chinese shares tumbled 3.44 percent in the morning session today with the
Shanghai Composite Index ending at 1,931.75 points, down 68.82 points or 3.44
percent from the previous close.
The smaller Shenzhen Component Index ended
at 6,109.95 points, down 275.4 points or 4.31 percent.
The two major index
both opened lower today. The Shanghai Composite Index opened at 1,978.56 points,
down 22.01 points or 1.1 percent from the previous closing while the Shenzhen
Component Index opened at 6,330.19 points, down 55.17 points or 0.86
percent.
Oil and chemical sectors led the fall. PetroChina slid 4.61 percent
to 11.6 yuan. Sinopec dropped 3.98 percent to 9.42 yuan.
Banks and power
companies were better with the Industrial and Commercial Bank of China rising by
0.25 percent and Huadian Power International Corp up 1.39 percent.
Encouraged
by pro-agriculture news, the agricultural sector rose. The country's ruling
Communist Party said yesterday it would improve the system of economic growth in
the countryside and build a mechanism to integrate urban with rural areas in
terms of economic and social development.
Share prices in neighbouring
markets rose at the opening but soon began to fall as worries in global economic
prospects persisted.
Shares of Australia and the Republic of Korea bounced
today after policy makers around the world took further steps to face up to the
turbulence of the international financial market.
In a volatile session
Friday in New York, the Dow Jones industrial average fell 128, or 1.49 percent,
to 8,451.49, gyrating within a 1,000 point range. The average had its worst week
on record in both point and percentage terms.
Xinhua
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