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Stocks slide as resources tumble

(China Daily/Agencies)
Updated: 2008-08-06 11:05

The mainland's major stock index fell nearly 2 percent yesterday as resource shares tumbled in response to falls in global oil and metals prices, while property shares sank after industry leader Vanke reported earnings.

The Shanghai Composite Index ended down 1.86 percent at 2690.75 points. It has lost 7.31 percent over the past six trading days, falling back towards July's 17-month, intra-day low of 2566 points.

Property shares tumbled after Vanke, the biggest listed real estate developer, reported that first-half net profit rose 24 percent. That was acceleration from 17 percent in the first quarter, but investors remain concerned by weakness in China's residential property market.

The company's shares closed 6.25 percent lower at 7.94 yuan.

Among resources shares, coal miner Shenhua Energy slid 6.37 percent to 28.39 yuan while Shandong Gold dropped 9.5 percent to 47.51 yuan.

HK shares end down

Hong Kong shares slid 2.5 percent yesterday, dragging the main index below the 22000 support level as resources stocks crumbled under retreating commodity prices and HSBC slipped on less-than-stellar first half earnings.

Index heavyweight HSBC slid 2.2 percent after the global lender reported a 28-percent drop in first-half profit on Monday.