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Chinese shares tumble on over-valuation |
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Written by Administrator
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Tuesday, 23 October 2007 |
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BEIJING, Oct. 22 (InfoChina) -- China's main stock index Shanghai Stock Exchange Composite Index on Monday closed at 5667.33 points, down 2.59 percent or 150.72 points over the previous close on worries about over-valuation.
After diving by 2.55 percent last Thursday and 0.12 percent last Friday, the index opened lower at 5742.79 points in the morning and closed the morning session at 5796.63, down 0.37 percent.
The Shenzhen Component Index on the smaller market closed at 18379.41 points, down 2.42 percent.
Aside from worry about over-valuation, plunges on global stock markets and pending IPO of PetroChina this week are also two unfavorable factors. More and more investors on the Shanghai and Shenzhen markets are beginning to take profit these days, which may lead to peaking and later long slide after a bull lasting some two years and gaining five-fold. (InfoChina) |
China Stock News