| Domestic stocks slide over US housing-loan crisis |
SHANGHAI, Aug. 17 -- THE tumbling global stock market pulled down domestic stocks today over worries about a housing-loan crisis in the United States.
The Shanghai Composite Index, which tracks yuan-denominated A shares and hard-currency B shares, lost 2.28 percent, or 108.87 points, to close at 4,656.57.
The Shenzhen Composite Index, which covers the smaller mainland stock market, dropped 1.57 percent, or 20.68 points, to 1,297.21.
Blue-chip companies, especially bank stocks, were the big losers on the day.
The Industrial and Commercial Bank of China lost 4.58 percent to close at 6.46 yuan (85 US cents) a share, while China Merchants Bank dropped 5.48 percent to 33.09 yuan.
Bank of China lost 3.19 percent to 5.76 yuan and Shanghai Development Bank dropped 5.04 percent to close at 42.04 yuan.
Baoshan Iron & Steel Co, the country's biggest steel maker, lost 3.53 percent to 14.75 yuan and Angang Steel dropped 5.09 percent to close the day at 26.10 yuan.
China Vanke Co, the nation's largest listed developer, dropped 3.83 percent to 30.85 yuan.
China Life Insurance Co, the country's top insurer, dropped 2.93 percent to 47.34 yuan while Ping An Insurance (Group) Co plunged 4.28 percent to 89.17 yuan.
Asian shares tumbled again today, with the Tokyo benchmark nose-diving 5.4 percent, as the region showed little sign of staging a recovery amid a global sell-off over US credit fears.
The dollar's decline that worsened earnings prospects for Japanese companies added to the battering Tokyo's benchmark has been taking in recent sessions, sending the Nikkei 225 index crashing 874.81 points, or 5.4 percent, to close at 15,273.68, its lowest close in a year.
Hong Kong's blue chip Hang Seng Index was down 3.3 percent in the mid-afternoon, and the Korea Composite Stock Price Index was down 3.19 percent after dropping 6.9 percent the previous session.
The Dow Jones industrial average yesterday closed down just 16 points after falling more than 340 points during the day, pulling off a dramatic late-session turnaround on massive bargain-hunting.
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