Markets

Chinese shares drop on economic slowdown fears - Aug 10

(Xinhua)
Updated: 2010-08-10 16:21

BEIJING - Chinese shares fell their most in six weeks Tuesday as foreign trade and property price data releases showed the economy cooling.

The benchmark Shanghai Composite Index closed at 2,595.27 points, down 77.26 points, or 2.89 percent.

The Shenzhen Component Index ended at 10,715.39 points, down 302.02 points, or 2.74 percent.

Turnover expanded to 246.83 billion yuan ($36.84 billion) from 240.15 billion yuan the previous trading day.

Losers outnumbered gainers 839 to 42 in Shanghai and 953 to 71 in Shenzhen.

Property stocks fell particularly hard after the government said growth in property prices in major Chinese cities slowed to 10.3 percent year on year in July from 11.4 percent in June.

Poly Real Estate Group, the country's second largest property developer, fell 2.69 percent to 12.27 yuan per share. Gemdale Corp, the fourth largest property developer, dropped 2.87 percent to 6.76 yuan per share.

Related readings:   Growth in China's exports, imports slows down in July  Agriculture producers drive up Chinese shares - Aug 9  China stocks rise on unchanged monetary policy   China's stocks fall - Aug 5

The General Administration of Customs said Tuesday China's exports rose 38.1 percent year on year to $145.52 billion in July, down from the 43.9-percent growth in June.

Imports rose 22.7 percent from a year earlier to $116.79 billion, a growth rate slower than June's 34.1-percent increase.

Financial shares fell on concern the economy will slow further.

Industrial and Commercial Bank of China, the country's biggest lender by market value, slid 1.65 percent to 4.17 yuan while CITIC Securities Co, the biggest Chinese brokerage, fell 4.15 percent to 12.47 yuan per share.