Alexa

Chinese shares end 2008 down 65 percent

Chinese shares end 2008 down 65 percent

China's shares fell Wednesday amid concern about a worsening economic slump, ending 2008 down 65 percent after global turmoil battered corporate profits.
The benchmark Shanghai Composite Index fell 0.7 percent to close at 1,820.81. The Shanghai index fell steadily through the year, hitting its low of 1,706.70 on Nov. 4, then climbing back to 2,090.77 on Dec. 8 before weakening again.
The Shenzhen Composite Index for China's smaller second market fell 1.3 percent to close at 553.30.
Airlines and tour companies were hit hard Wednesday amid concern about the health of China's struggling travel industry.
China Eastern Airlines lost 8 percent to close at 4.13 yuan even after the government pumped more aid into the Shanghai-based carrier this week. China Southern Airlines fell 3.6 percent to 3.19 yuan.
Beijing Capital Tourism Ltd., which had benefited from an influx of visitors for the Beijing Olympics, tumbled 5.2 percent to 9.25 yuan.
Chinese manufacturers were hammered in 2008 as global consumer demand collapsed, while real estate, auto sales and other domestic industries suffered sharp declines.
China's biggest-capitalization stock, PetroChina Ltd., was unchanged Wednesday at 10.17 yuan but ended the year off 67.2 percent. Rival China Petroleum & Chemical Corp., or Sinopec, shed 0.7 percent to close at 7.02 yuan, down 69.8 percent for the year.
China Mobile Ltd., the world's biggest phone company by subscribers, gained 2.1 percent to close at 77.8 percent but still ended the year off 44.7 percent.
The country's biggest commercial lender, Industrial & Commercial Bank of China Ltd., fell 0.8 percent to close at 3.54 yuan, down 56 percent for the year.
In currency markets, China's yuan fell to 6.8133 against the U.S. dollar.


Updated : 2021-03-06 06:27 GMT+08:00