Shanghai index takes biggest drop in over two months
10 April 2008
The benchmark index of the Shanghai Stock Exchange fell 5.5% on Wednesday, ending a four-day rally from an 11-month low last week, the Financial Times reported. The Shanghai Composite Index ended the day at 3,413.907 points, its largest single-day drop in over two months. Analysts said the market's liquidity took a hit as investors pulled money out of stocks to prepare funds for the initial public offering of Zijin Mining Group next week. PetroChina's share price fell 4.84% to RMB17.32 (US$2.47), nearing its IPO price of RMB16.70 (US$2.39).
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