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China Daily Website

Chinese stocks open lower Monday

Updated: 2012-06-04 10:45
( Xinhua)

BEIJING - Chinese stocks opened lower Monday as investors' sentiment was dampened by a steep sell-off on Wall Street over the weekend and fears of the launch of the international board on China capital market.

The benchmark Shanghai Composite Index dipped 1.11 percent to open at 2,346.98, while the Shenzhen Component Index opened at 9,988,53, down 1.55 percent.

US stocks and commodities slumped drastically on Friday as investors shunned risky assets amid weak jobs report and endless European debt woes. The Dow Jones Industrial Average plunged 274.88 points, or 2.22 percent, to 12,118.57, wiping off all 2012 gains.

A trial program will be launched to allow foreign firms to issue stocks in the Chinese currency on domestic markets, according to guidelines released on Friday by eight central government departments, including the country's top economic planner, the central bank and the finance ministry.

Analysts worried that the move would further sap China's stock market, which has already seen investment demand weaken as the economy softened.