Chinese stocks slip to 12-month low
11 August 2008
China's stock market slipped to its lowest point in over a year on Friday as the Shanghai Composite Index (SCI) posted a single day loss of 4.5% to close at 2,605.72 points, the Wall Street Journal reported. The All Share index in Shenzhen fell 5.6% to 747.34, its lowest close since March 6, 2007. Property developers and airlines were the big losers amid concerns about the slowing economy. Air China and China Southern Airlines dropped 10%, the maximum-permitted single day movement. China Life, the country's largest life insurer, fell 4.4% while real estate firm China Vanke posted a 4.8% loss in Shenzhen. Investor confidence was no better in Hong Kong, where the Hang Seng Index fell 1% to 21,885.21. Shipping stocks suffered following the drop in marine freight rates, with shares in China Cosco Holdings falling 10%.