Shares fall at week's end after overnight loss on Wall Street

(Xinhua)
Updated: 2008-09-05 19:51

BEIJING - Chinese equities tumbled on Friday following a heavy slump overnight on Wall Street as concerns about the US economic slump worsened.

The Shanghai Composite Index sank 3.29 percent, or 74.97 points, to 2,202.45. The key index has declined more than 58 percent this year and more than 63 percent from its peak in October.

In Shenzhen, the market fell 2.8 percent, or 209.4 points, to 7,264.2. Aggregate turnover expanded to 42.55 billion yuan (US$6.22 billion) from 38.99 billion yuan on the previous trading day.

Losses outnumbered gains by 827-47 in Shanghai and 702-32 in Shenzhen.

Wall Street fell on Thursday with the Dow Jones down more than 340 points as disappointing jobless and retail data left investors doubtful of a US economy recovery. The downturn partly contributed to a fall in China equities, analysts said.

Tracking the Wall Street loss, both the Hong Kong and Tokyo exchanges plunged more than 2 percent on Friday.

The key Shanghai index fell through the 2,245 points, which was labeled as a psychological mark by analysts. The mark was the peak of the market's last bullish period that ended in 2001.

The breach increased market panic and the weak sentiment would remain until the authority could come up with detailed market-boosting measures instead of just vague market talks, a Shanghai Shiji Investment Consultant Company analyst said.

Continuous retreats in the world crude oil price and other commodities heightened worries that a global slowdown would cut demand and would dent corporate profits, analysts said.

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