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Stocks dive to fresh low as confidence waning

By Ding Qi (chinadaily.com.cn)
Updated: 2008-06-17 16:27

Domestic stock markets suffered another setback on Tuesday as the major index dove to its lowest since March 2007 with no stimulating news from the regulator.

Although ups and downs are commonplace in the capital market, the recent share slide has caused unusual market loss in a short time and should receive substantial regulatory attention to avoid further potential risks, market watchers said.

The benchmark Shanghai Composite Index opened at 2,873.13 and dropped to 2,769.12 in the afternoon session, the lowest point since March 6, 2007. It wound up the day's trading at 2794.75, 2.76 percent lower than Monday's close.

The smaller Shenzhen market lost even more as the Shenzhen Component Index tumbled 4.03 percent to 9,429.50 by close.

Turnover of the two markets totaled 66.8 billion yuan ($9.54 billion), with more than 1,286 stocks closing lower. Only 159 stocks gained and 127 ended flat.

Most blue chips performed poorly. Air China plunged 9.85 percent despite an overnight decline in crude oil prices. PetroChina recovered some losses in the last quarter but still ended some one percent lower at 15.24 yuan.

The financial sector was also weak. The Bank of China declined 0.48 percent to 4.17 yuan. China Construction Bank and CITIC Bank closed down 2.09 percent and 2.22 percent respectively, both below their initial public offering prices.

The aircraft-making sector flew a little higher among the depressed market today on reports that the nation will restructure its aviation industry by consolidating the two leading state-owned aircraft makers. Hafei Aviation Industry, a Harbin-based aircraft producer, jumped to the daily limit of ten percent.

In an online interview yesterday, Huang Hongyuan, director of the institution department of China Securities Regulatory Commission, vowed that no matter what policies it enacts, it will aim to play a positive role in the sustainable development of the stock market, rather than impeding it. However, the official didn't reveal any substantial measures to stimulate the market.

In the recent report on financial stability, the central bank also said the regulator should closely follow the development of the stock market and should adopt comprehensive measures to prevent excessive fluctuations in the market.

However, many investors argued that it is the one-percentage point reserve requirement ratio hike announced on June 7 that had triggered a new round of panic selling even after a 50-percent stock correction since last November. Although the move mainly targeted excessive liquidity and credit growth, the market is still wary of negative effects on the fund-thirst capital market.

In sharp contrast, other Asian markets reaped their largest gains in two months on Monday due to falling oil prices and a Wall Street rally last Friday. The Hong Kong Hang Seng Index and the Japanese Nikkei both rose some two percent yesterday and saw minor changes in the morning session today.