Shanghai Composite Drops 6.4%
Thursday, June 19th, 2008China’s biggest gas and oil company led the 6.4% drop of the Shanghai Composite Index, losing 5.7%. Chinese stock indexes rose on Wednesday after a nearly two week fall. Apparently investors wanted to make up for losses incurred, and started selling. The selling caused panic and resulted in the 6.4 percent fall. The benchmark Chinese index has had almost 2 weeks of losses, with concerns about oil prices being the main cause.
Chinese stocks have fallen, with the benchmark Shanghai Composite Index dropping 6.4 percent, as profit-taking following a rally the day before prompted a sell-off by jittery investors.
The Shanghai Composite Index’s dip on Thursday came a day after it rose 5.2 percent.The Shanghai Composite Index’s dip on Thursday came a day after it rose 5.2 percent.
The Shanghai index lost 192.24 points Thursday, falling to 2,748.87.
Market heavyweight PetroChina, the listed unit of China’s biggest oil and gas company, led the decline, falling 5.7 percent to 15.17 yuan.