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Shanghai market continues sliding

SHANGHAI'S key stock index fell in the morning, following weak European and the US market on concerns about China's growth and Ireland debt problem. Banks outperformed while miners and pharmaceutical firms declined.

The benchmark Shanghai Composite Index fell 1.16 percent, or 33.6 points, to close at 2,860.9 points. Turnover dropped to 86.4 billion yuan (US$13 billion) from yesterday morning's 103.6 billion yuan.

The Shenzhen Composite Index, which tracks the smaller domestic market, was down 1.4 percent to 1,263 points.

European shares dropped the most in one day since July as pan-European FTSEurofirst 300 Index was down 2.2 percent and the STOXX Europe 600 Basis Resources lost 5 percent.

Worries were aroused that China's measures to control prices may slowdown the country's economic growth. Uncertainties for European debt crisis intensified after Ireland declined to ask for EU bailout.

Miners extended previous losses as commodity prices tumbled overnight against stronger US dollar. Gold prices dropped around US$30 per ounce to around U$1,335, and oil slid 3 percent to US$82 a barrel. Copper and aluminum prices were also low on the London market.

Datong Coal Industry Co fell 1.3 percent to 20.35 yuan. Jiangxi Copper Co fell 1.4 percent to 35.82 yuan. Aluminum Corp of China was down 2.3 percent to 10.53 yuan.

Pharmaceutical firms declined after three day's growth. Shanghai Pharmaceuticals Holding Co dropped 3.5 percent to 23.06 yuan. Chongqing Taiji Industry Group Co shed 4.2 percent to 8.13 yuan. Southwest Pharmaceutical Co tumbled 7.4 percent to 11.70 yuan.

Banks were mixed. Bank of China was down 0.3 percent at 3.31 yuan. Pudong Development Bank grew 0.8 percent to 13.13 yuan. Agricultural Bank of China was unchanged at 2.67 yuan.

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