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China's main stock index closed down nearly 4 percent on Tuesday, hitting a fresh eight-month low as investors dumped newcomers listed this year and panic selling set in after months of nagging weakness. The benchmark Shanghai Composite Index tumbled 3.96 percent to finish at 3,668.897, its lowest close since July 5, 2007, when it ended at 3,615.872.
"Investor confidence collapsed," said Ren Chengde, senior stock analyst at Galaxy Securities. "We see no near-term floor." China Railway Construction, the second most active stock, ended down 3.24 percent at 11.04 yuan after hitting 10.60, its lowest level since its market debut on March 10.
China Unicom, the most active stock of the day, dropped 2.75 percent to 8.85 yuan after outperforming the market in recent weeks. It had been bolstered by rumours of an industry restructuring and was one of the few stocks in which investors could still see profit potential after the recent market slump.
The market is down 40 percent from its record high of 6,124 points touched in mid-October, hit by worries over the economy, huge fund-raising plans by large companies, including Ping An Insurance, and weak global markets.
Ping An closed down 5.7 percent at 56.41 yuan on Tuesday, approaching levels not seen since the early days after its listing in March last year. The stock has shrunk to about one-third the value of its trading peak of nearly 150 yuan in late October.
Losing Shanghai shares overwhelmed gainers by 883 to 18, with more than 135 Shanghai A-shares plunging by their 10 percent daily limit. Turnover in Shanghai A shares remained thin at 79.1 billion yuan ($11.2 billion), although slightly higher than Monday's 73.3 billion yuan.
On China's smaller national bourse in Shenzhen, the composite index tumbled 6.61 percent, posting its biggest daily loss since January 28 and extending Monday's 6.34 percent slide. The foreign-currency Shanghai B-share market plunged 9.04 percent to 246.378 points, posting its biggest daily loss since January 22.
Non-ferrous shares tumbled with Aluminium Corp of China (Chalco) sliding 9.76 percent to 22.20 yuan after reporting worse-than-expected earnings. Chinese shares related to Tibet tumbled for a second day after unrest last week in the Tibetan capital, Lhasa, with tourism firm Tibet Shendi, technology issue Tibet Galaxy and trade firm Tibet Tianlu all plunging by their 10 percent daily limit.
Among the few gainers, China Railway Group climbed 3.99 percent to 7.82 yuan after saying on Tuesday that a subsidiary had won a $257.35 million contract for highway construction in Morocco.

Copyright Reuters, 2008

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