Wednesday, November 30, 2011

China shares end down 3.3 pct, biggest one-day fall since Aug 8

SHANGHAI (Nov 30): China's benchmark stock index closed down 3.3 percent on Wednesday, the biggest single-day percentage fall since Aug. 8, as investors dumped large caps amid worries over a slowdown in the world's second-largest economy.

A slew of global organisations, including investment banks, have forecast China's growth could slow to about 8.5 percent next year from an expected more-than-9 percent this year, posing a risk of a hard landing. UBS and Citigroup cut China's growth forecasts for 2012 on Tuesday.

The benchmark Shanghai Composite Index closed at 2,333.4 points, ending November with a monthly loss of 5.5 percent, amid signs of an economic slowdown in China as well as the rest of the world.

Oil giant PetroChina, the market's biggest capitalised stock, dropped 3.2 percent while SAIC Motor , the country's top auto producer, fell 4.6 percent. ($1= 6.37 Yuan) - Reuters

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