China stocks tumble amid bubble concerns

时间：2007-02-05 00:30:26

（单词翻译:单击）
 
BEIJING, Feb. 3 - Chinese stocks suffered another big loss Friday, adding to a five-percent slide on Wednesday, over worries of stock over-valuation that may prompt regulators to step in to cool the market.

 

The benchmark Shanghai Composite Index dropped 112.22 points, or 4.03 per cent to 2,673.21. The Shenzhen Composite Index dropped 18.45 points, or 2.8 per cent to 640.87. The Shanghai and Shenzhen 300 index of leading companies slid 97.17 points, or 4.06 per cent to 2,298.00.

 

The financial and property shares led the decline. China Life, the nation's biggest life insurer, fell 7.24 per cent to 35.99 yuan. The Industrial and Commercial Bank of China, China's biggest lender, was down 3.59 per cent to 4.82 yuan while the Bank of China dropped 3.91 per cent to 4.66 yuan. China Vanke, the nation's biggest publicly traded property developer, fell.7.86 per cent to 14.42 yuan.

 

Other big caps contributed to the fall. Baoshan Iron and Steel Co, the biggest steelmaker, dropped 6.48 per cent to 8.81 yuan. China United Telecommunications, the country's second biggest mobile phone operator, went down 4.12 per cent to 4.65 yuan. China Petroleum1 & Chemical Corp., Asia's biggest refiner, lost 6.41 per cent to 9.05 yuan.

 

Trading was moderate on both bourses, with 8.545 billion shares changing hands in the Shanghai Stock Exchange at a volume of 65.092 billion yuan against 69.673 billion yuan on Thursday and 86.14 billion yuan on Wednesday. In the Shenzhen Stock Exchange, 733 million shares were traded at a turnover2 of 31.297 billion yuan compared with Thursday's 35.205 billion yuan and Wednesday's 42.49 billion yuan.

 

Declining shares outnumbered advancing ones by 569 to 197 in the Shanghai Stock Exchange and by 378 to 139 in Shenzhen.

 

Friday's slide extended a five-percent tumble on Wednesday which came after a top legislator warned about the growing stock market bubble, fueling fears that warnings may turn into concrete steps to cool down the market.

 

On Wednesday, the Shanghai Composite Index fell 4.9 percent to 2,786.33, its biggest one-day decline since a 5.3 percent tumble on June 7, 2006. The smaller Shenzhen Composite Index slid 5.8 per cent to 655.53.

 

The two bourses withstood the downward trend Thursday, but the previous day's dive greatly affected3 investor4 confidence.

 

Many analysts5 saw the fall as a natural correction, believing the market would continue a bull run in the long term.

 

China's stock market witnessed a dramatic rally over the past 15 months boosted by soaring demands from retail6 investors7.

 

Before Wednesday's tumble, the Shanghai index, which tracks China's biggest companies, was up 9.5 percent for the year after soaring 134 percent last year. The Shenzhen index, meanwhile, had soared 26.4 percent since the start of the year before Wednesday's drop.

 

The rally over the past year came after a five-year slump8 in mainland share prices, when China was one of the world's worst-performing markets.

 

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点击收听单词发音收听单词发音  

1 petroleum WiUyi     
n.原油，石油
参考例句：
  • The Government of Iran advanced the price of petroleum last week.上星期伊朗政府提高了石油价格。
  • The purpose of oil refinery is to refine crude petroleum.炼油厂的主要工作是提炼原油。
2 turnover nfkzmg     
n.人员流动率，人事变动率；营业额，成交量
参考例句：
  • The store greatly reduced the prices to make a quick turnover.这家商店实行大减价以迅速周转资金。
  • Our turnover actually increased last year.去年我们的营业额竟然增加了。
3 affected TzUzg0     
adj.不自然的，假装的
参考例句：
  • She showed an affected interest in our subject.她假装对我们的课题感到兴趣。
  • His manners are affected.他的态度不自然。
4 investor aq4zNm     
n.投资者，投资人
参考例句：
  • My nephew is a cautious investor.我侄子是个小心谨慎的投资者。
  • The investor believes that his investment will pay off handsomely soon.这个投资者相信他的投资不久会有相当大的收益。
5 analysts 167ff30c5034ca70abe2d60a6e760448     
分析家，化验员( analyst的名词复数 )
参考例句：
  • City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
  • I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。
6 retail VWoxC     
v./n.零售；adv.以零售价格
参考例句：
  • In this shop they retail tobacco and sweets.这家铺子零售香烟和糖果。
  • These shoes retail at 10 yuan a pair.这些鞋子零卖10元一双。
7 investors dffc64354445b947454450e472276b99     
n.投资者，出资者( investor的名词复数 )
参考例句：
  • a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
  • a cash bonanza for investors 投资者的赚钱机会
8 slump 4E8zU     
n.暴跌，意气消沉，（土地）下沉；vi.猛然掉落，坍塌，大幅度下跌
参考例句：
  • She is in a slump in her career.她处在事业的低谷。
  • Economists are forecasting a slump.经济学家们预言将发生经济衰退。

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