18th Sep 2009: China A-shares end morning sharply lower as US financial turmoil spreads
China A-shares finished the morning sharply lower after three more Chinese banks disclosed their exposure to collapsed investment bank Lehman Brothers. Airlines also tumbled on a rebound in crude oil prices.
Financials were under pressure as confidence in the sector collapsed amid reports that more US institutions are seeking mergers to help them weather the credit crisis.
Gold producers were up after gold prices rose dramatically overnight.
The benchmark Shanghai Composite Index ended the morning down 112.61 points or 5.84 pct at 1,816.44.
The Shanghai A-share Index was down 117.99 points or 5.83 pct at 1,907.60, while the Shenzhen A-share Index fell 34.43 points or 5.86 pct to 553.27.
The FTSE/Xinhua China A 50 Index was down 417.92 points or 5.95 pct at 6,607.40 and the FTSE/Xinhua China A 200 Index fell 312.80 points or 5.79 pct to 5,085.61.
(1 usd= 6.8 yuan)
Source: XFN-ASIA
Filed under: Chinese Stocks, Market Summary by CSMR
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