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SSEC* 2,346.65 +0.19% 13:30
SZSC* 7,814.05 -0.17% 13:30
HSI* 21,062.96 -1.87% 13:30
JKSE 2,131.06 +1.12% 27-08
AORD 5,087.80 +0.11% 27-08
N225 12,752.96 -0.20% 27-08
KLSE 1,067.65 -0.27% 27-08
SET 675.99 +1.06% 27-08
STI 2,705.09 -0.08% 27-08


eScoop

Rising Crude Trims Chinese Stocks
on 27-Aug-2008 17:31
Volatility among the heavyweights led to a fifth straight day of decline in the Chinese markets, which have suffered their longest losing streak in 10 weeks, as higher fuel and raw materials costs trimmed corporate earnings in manufacturing and transportation.

The benchmark Shanghai Composite Index closed at 2,342.15, down 7.93 points, or 0.34%, while the Shenzhen Component Index gave up 60.21 points, or 0.76%, to reach 7,827.16. Aggregate turnover for the two markets rose by nearly 15% from the previous session to more than RMB 47 bln.

China Eastern Airlines Corp., the nation's third-largest carrier, shrank by 3.47% after reporting a 29% drop in 1H '08 net profit due to soaring jet fuel costs. The financials bucked the trend, including Bank of Communications, China's fifth-largest commercial bank, which edged up 3%. Among the Top 10 large-caps, two oil giants went in opposite directions as PetroChina, China's top oil and gas producer, dipped by 2.32%, but Sinopec, Asia's top refiner, gained 1.49% to finish the day at RMB 10.19.



 


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