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China Stocks Fall; Benchmark Index Completes Worst Month Ever; Shanghai Index Down 56% from Peak
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This Link is located in the Public Channel Chinese Bubble.
Posted by ian 1 year 260 days ago (bloomberg.com). Views: 127
Tags: china stocks chinese bubble |
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June 30, 2008
(Shanghai index current trading at 2,686 down 56% from peak of 6,124 in October 2007.)
China's stocks declined, dragging the benchmark index to its worst month on record, as financial companies slumped amid speculation interest rates will be raised for the first time this year.
China Merchants Bank Co. and Shanghai Pudong Development Bank Co. led declines. Air China Ltd., the country's largest international carrier, and China Southern Airlines Co. advanced after regulators agreed to raise ticket surcharges starting tomorrow to help cover bloating fuel costs.
The benchmark CSI 300 Index fell 0.9 percent to 2,791.82 at the close, taking its June decline to 23 percent. That's the worst monthly performance since the measure was introduced in April 2005. Fourteen stocks fell for every 13 that rose, with six of 10 industry groups declining.
``We're taking a closer look but we're just finding better value and growth in Chinese companies that are not listed in China,'' said Andy Mantel, managing director of Pacific Sun Investment Management Ltd. in Hong Kong, in a Bloomberg Television interview. ``I'd be a bit wary.''
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