Stocks take cue from global market slump

SHANGHAI'S stock market fell in the morning session following slumps in the overseas markets amid concerns the US government will be forced to submit to US$1.2 trillion in automatic spending cuts.

The Shanghai Composite Index fell for the fifth trading day in the morning session with a drop of 0.94 percent to 2,392.47. Turnover was a mere 26.7 billion yuan (US$4.2 billion) in early trading.

Building material makers, such as cement and steel producers, were among the worst hit this morning after Citigroup Inc said property investment might be cut back "significantly."

Anhui Conch Cement Co shed 1.39 percent to 16.98 yuan. Baoshan Iron & Steel Co retreated 1.37 percent to 5.03 yuan.

The sloppy Shanghai market echoed performances in other Asian markets this morning, as fears about the ability of politicians on either side of the Atlantic to tackle huge debt burdens sapped investor confidence.


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