Chinese shares plunge 7.19% after Wall Street sell-off
Updated: 2008-01-28 15:34
SHANGHAI - Chinese share prices ended around seven percent lower on Monday, as investors dumped stocks after Friday's sell-off on Wall Street amid lingering fears over a US recession.
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In this file photo, a man eats an ear of corn at a stock exchange in Nanjing, Jiangsu province Jan 22, 2008. Chinese share prices ended around seven percent lower on Jan 28, as investors dumped stocks after Friday's sell-off on Wall Street amid lingering fears over a US recession. [Agencies] |
The benchmark Shanghai Composite Index plunged 342.39 points, or 7.19 percent, to 4,419.29. It was its lowest in nearly six months.
Monday's decline in the Shanghai index matched that of January 22, when the Shanghai benchmark fell 7.2 percent before recovering ground later in the week.
Analysts said fears that a US economic slump will hurt demand for Chinese-made products was hurting sentiment. Worries over the potential impact of a prolonged bout of severe winter weather also took a toll.
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