Business
        

Photos

Equities sink after news of railway collision

Updated: 2011-07-26 09:54

By Irene Shen (China Daily)

Twitter Facebook Myspace Yahoo! Linkedin Mixx

SHANGHAI - Stocks on the Chinese mainland fell the most in two months as railway shares plunged after a deadly bullet-train accident, while the political stalemate over the US debt limit boosted concern that the world's biggest economy will default.

Equities sink after news of railway collision

An investor looks at the market trend in a stock exchange in Shenyang, Liaoning province, July 25, 2011. [Photo / Xinhua] 

CSR Corp and China CNR Corp, the nation's biggest train makers, tumbled more than 9 percent after the weekend train collision killed at least 38 people and prompted the government to order a rail safety inspection.

China Vanke Co led declines for developers as Credit Suisse Group AG said the accident might dampen demand for real estate in cities along new railway lines.

"The train crash may trigger an investment cut in railway construction," said Tu Jun, a strategist at Shanghai Securities Co.

"The failure to reach agreement on the US federal debt limit is hurting investors' confidence in the economic recovery. All the weekend news is bad for stocks."

The Shanghai Composite Index was down 64.33 points, or 2.3 percent, at 2706.46 as of 2:06 pm, the most since May 23. The measure dropped 1.8 percent last week, the first decline in five weeks.

CSR plunged 9.1 percent to 6.03 yuan, set for its lowest close since Oct 29. China CNR dropped 9.4 percent to 5.89 yuan (91 cents), the biggest decline since its listing in December 2009.

   Previous Page 1 2 3 4 Next Page  

E-paper

Ringing success

Domestic firms make hay as shopping spree by middle class consumers keeps cash registers ringing in Nanjing

Mixed Results
 Crowning achievement
Living happily ever after

European Edition

Specials

Ciao, Yao

Yao Ming announced his retirement from basketball, staging an emotional end to a glorious career.

Going the distance

British fitness coach comes to terms with tragedy through life changes

Turning up the heat

Traditional Chinese medicine using moxa, or mugwort herb, is once again becoming fashionable

My China story
Home swede home
Setting the pace in Turkey