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Bank downgrade spooks China stocks

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thumb_down1 June 22, 2012 (Chinavestor) Moody's downgrade of major global banks sank the HangSeng Index (INDEXHANGSENG:.HSI) on Friday. The Shanghai Composite Index (SHA:000001) escape the onslaught for it was closed for the day in observance of a holiday. Hong Kong's main gauge fell 269.1 points or 1.4% in a broad decline. Stocks that fell outnumbered those that advanced six to one among components of the 42 member index. Chinese H shares led the decline for all but tow components of the Xinhua 25 China index rose while the rest fell. Resource, energy and telecom shares led the decline in Hong Kong on Friday as demand for commodities is softening amid a global economic slowdown.

CNOOC Ltd. (HKG:0883) fell the most among major oil companies with a 4.05 decline. Petrochina (HKG:0857) fell 2.68% on the same time. China Unicom (HKG:0762) fell 3.1% followed by China Mobile's (HKG:0941) 1.04% decline. Zijin Mining (HKG:2899), China's largest gold producer, fell 4.1% while China Coal (HKG:1898) shed 3.4%.

Visit the chart below to gauge the most volatile components of the Hang Sneg Index (INDEXHANGSENG:.HSI) and the DJIA.

pre_20120622



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