Markets

China stocks slump 2.62% Tuesday

(Xinhua)
Updated: 2011-02-22 15:43

BEIJING - Chinese shares tumbled Tuesday due to the tensions in the Middle East and North Africa, as well as inflation concerns with soaring oil prices pushed up by the unrest.

The benchmark Shanghai Composite Index dropped 76.73 points, or 2.62 percent, to 2,855.52.

The Shenzhen Component Index fell 3.10 percent, or 399.14 points, to 12,473.33.

Combined turnover rose to 340.6 billion yuan ($51.8 billion) from 266.4 billion yuan the previous trading day.

Losers outnumbered gainers 801 to 91 in Shanghai and 1,046 to 145 in Shenzhen.

The slump was mainly triggered by the concerns about escalating unrest in the Middle East that pushed up oil prices, said Huang Xuejun, an analyst with Guosen Securities.

China's reserve ratio hike late Friday also helped drive down the market, Huang said.

PetroChina Co, the country's largest oil producer, dropped 1.02 percent to 11.59 yuan a share. Sinopec, the country's largest oil refiner, shed 5.72 percent to 8.74 yuan.

Industrial and Commercial Bank of China Ltd, the nation's biggest listed lender, dropped 1.63 percent to 4.23 yuan a share.

China Vanke Co, the nation's biggest listed property developer, shrank 3.33 percent to 8.12 yuan.