A-shares drop for 10th straight day
18 June 2008
China's stock market dropped for a 10th consecutive day on Tuesday as the benchmark CSI 300 Index, which tracks A-shares on the Shanghai and Shenzhen exchanges, closed down 3.7% at 2,842.68 points. The Shanghai Composite Index fell 2.76% to 2,794.75 points. Investor concerns focused on possible damage to corporate earnings should the government proceed with further measures to curb consumer prices, the South China Morning Post reported. The big losers were CITIC Securities, the country's biggest publicly traded stock broker, and China Vanke, the largest listed property developer. These stocks fell 7% and 6.1% respectively. Meanwhile, market turnover in Hong Kong sank to its lowest level in more than a year, despite the Hang Seng Index closing up 0.12% at 23,057.99. The market was buoyed by bargain-hunting in mainland China telecom stocks.