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China stocks tumble in Asia, Sept. 23

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Asia_2 September 23, 2011 (Chinavestor) China stocks ended the third week of September on a low tone on global economic uncertainty and monetary policy. Moody's downgraded multiple Greek banks for their exposure to government debt highlighting the problems within the eurozone.  European indexes surrendered earlier gain following the news. The Hang Seng Index (INDEXHANGSENG:.HSI) fell 243.1 points or 1.4% on top of yesterday's over 900 points plunge. The index is off 1786.5 points or 9.18% for the week, the second largest drop YTD. The Shanghai Composite Index (SHA:000001) shed 9.9 points or 0.4% on Friday leaving a mixed week behind.

China Eastern Airlines (HKG:0670) led oversold airliners higher in Hong Kong but was not enough to lift major indices. Stocks that fell outnumbered those that advanced two to one among 42 components of the index. Zijin Mining (HKG:2899), the largest Chinese gold miner, fell 7.8% on Friday but tumbled over 25% for the week!

 

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Chinese stocks were mixed in Hong Kong as components of the Xinhua China 25 Index testify. China Telecom (HKG:0728) and Sinopec Corp. (HKG:0386) advanced but Chalco (HKG:2600) fell hard not only on Friday but for most of the week as well. China Life Insurance Co. (HKG:2628) and Ping An Insurance (HKG:2318) fell on weak outlook as well.



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