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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: China's Shanghai stock index falls 4.6 pct By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, December 24 SHANGHAI, China - Chinese stocks fell Tuesday as investors disappointed over a meager interest rate cut, and worried over its potential impact on banks' balance sheets, dumped financial shares and other heavyweights. The benchmark Shanghai Composite Index tumbled 4.55 percent, or 90.53 points, to 1,897.22 in an afternoon rout that saw heavy losses in banks, insurers, airlines, resource and property shares. The Shenzhen Composite Index of China's smaller, second market fell 5.6 percent to 587.21. Negative news from overseas also dampened sentiment, as regional and world markets fell Monday and Tuesday and Toyota Motor Corp. warned it expects to post an operating loss in this fiscal year, its first in 70 years. "Rationality was discarded in panic selling," said Peng Yunliang, an analyst at Shanghai Securities, in Shanghai. "Investors' confidence is on the edge of collapse." PetroChina, the Shanghai benchmark's heaviest weighted share, fell 4.6 percent to 10.43 yuan. Late Monday, China cut interest rates for the fifth time in four months in a new effort to revive economic growth amid mounting anxiety about spreading job losses and worker protests. But the 0.27 percentage point cut in the benchmark one-year lending rate, to its lowest level since February 2004, failed to impress investors who were expecting more, analysts said. "Most bank shares fell on concerns over the impact of lower interest rates on their profits," Peng said. Industrial & Commercial Bank of China, the country's biggest lender, fell 2.7 percent to 3.68 yuan while mid-sized Shanghai Pudong Development Bank shed 4.1 percent to 13.66 yuan. China Life Insurance lost 4.8 percent to 19.35 yuan and rival Ping An Insurance slipped 6 percent to 27.01 yuan. Though a rate cut might be expected to boost property shares by making it easier to get credit, major real estate developers also were hit as investors cashed in on recent gains. Poly Real Estate dropped 6.4 percent to 16.03 yuan and China Vanke Ltd., the country's biggest developer, lost 4.9 percent to 6.98 yuan. Airlines were also hit by profit-taking, with Air China falling 9.1 percent to 4.20 yuan. China Eastern Airlines sank 8.4 percent to 4.24 yuan and China Southern Airlines fell 7.8 percent to 3.44 yuan. In currency dealings, the Chinese yuan weakened to 6.8538 to the U.S. dollar by 0700 GMT Tuesday from Monday's close of 6.8499. ___ Associated Press researcher Ji Chen contributed to this report. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy China urges US to prevent trade protectionismAP - 34 minutes ago FOREX-Dollar slips on U.S. economy woes, data awaitedReuters - 1 hour 2 minutes ago Asian stocks slump as China rate cut disappointsAP - 2 hours 49 minutes ago More companies lining up for piece of bailout fundAP - Wednesday, December 24 Related Articles: Business Russia drops duty on steel for motor vehiclesReuters - 29 minutes ago Iraq's Nov. oil revenues fall as exports stableAP - 30 minutes ago CIT to receive $2.33B from government programAP - 30 minutes ago India bond yields rise in thin volume, cbank eyedReuters - 32 minutes ago RasGas to revise LNG prices for India every monthReuters - 34 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Britain edges to recession, IMF warns of Great Depression Quake zone hero pig named China's animal of the year Two Chinese giant pandas head for Taiwan Actress Jennifer Aniston appears naked in GQ magazine Weak sales could topple US carmakers despite bailout View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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