皇冠体育app

Markets

Chinese stocks slump 4.27% to 14-month low Tuesday

(Xinhua)
Updated: 2010-06-29 15:31
Large Medium Small

BEIJING - Chinese shares plummeted 4.27 percent to a 14-month low Tuesday, as concerns that capital would flow to a major initial public offering by Agricultural Bank of 皇冠体育app (ABC) ignited panic selling.

The Agricultural Bank of 皇冠体育app said late Monday it would offer a total of 59.51 billion shares in Shanghai, with each share at 2.52 to 2.68 yuan ($0.37 to $0.39).

The IPO was expected to raise up to $23.2 billion, making it the world's largest listing ever.

Related readings:
Chinese stocks slump 4.27% to 14-month low Tuesday 皇冠体育app stocks breach 'Key' technical support at 2,481
Chinese stocks slump 4.27% to 14-month low Tuesday 皇冠体育app stocks 'range-bound' on exports, Citigroup says
Chinese stocks slump 4.27% to 14-month low Tuesday 皇冠体育app stocks 'range-bound' on exports, Citigroup says
Chinese stocks slump 4.27% to 14-month low Tuesday Hong Kong stocks close 0.17% higher -- June 28

The major gauge Shanghai Composite Index down 4.27 percent, or 108.23 points, to end at 2,427.05 points, the lowest since April 2009.

The Shenzhen Stock Index dropped 5.03 percent, or 503.15 points, to 9,508.91 points.

Total turnover stood at 136.68 billion yuan, up from 90.85 billion yuan on the previous trading day.

Losers outnumbered gainers by 854 to 14 in Shanghai and 950 to 20 in Shenzhen.