Domestic markets reel from earthquake fears
21 May 2008
The benchmark Shanghai Composite Index ended Tuesday at 3,443.162 points, its lowest in nearly four weeks, following a government announcement that direct economic losses from the Sichuan earthquake would reach about US$9.6 billion in Sichuan alone, the South China Morning Post reported. Losing stocks on the Shanghai exchange beat gainers 833 to 50, with more than 100 stocks in Shanghai and Shenzhen falling by their 10% daily limit. Adding to fears, analysts also said food prices - already the predominant cause for high inflation rates this year - would be affected by the disaster, as the province is a key rice and pork producing area.
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