From Asia Times Online:
China’s shares this week hit their lowest intra-day level in nearly six years due to a piling up of weak investor sentiment. The benchmark Shanghai composite index, which groups together foreign currency B shares and local currency A shares, slid 0.46% on Monday to close at 1,200.113 points after initially docking at 1,185.45 points at noon, 1.71 points lower than 1,187.26 – the previous record logged in May 1999.
Turnover in Shanghai hit 4.910 billion yuan (US$592 million), with the bourse’s biggest loser – Dongfeng Technology – shedding 10.05% to close at 7.35 yuan. Analysts foresee more losses ahead with sentiment extremely weak after an unremitting share slump. Experts said the situation is the natural result of poor sentiment caused by the government’s new economic cooling measures and the failure of regulators to take steps to solve the stock market’s problems following the National People’s Congress (NPC) and Chinese People’s Political Consultative Conference (CPPCC).
