Tue, June 29, 2010
Business > Markets

China's stocks slump Tuesday

2010-06-29 14:42:00 GMT2010-06-29 22:42:00 (Beijing Time)  Xinhua English

An investor looks at share prises on an electronic board at a stock exchange in Hefei, capital of east China's Anhui Province, June 29, 2010. (Xinhua Photo)

BEIJING, June 29 (Xinhuanet) -- China's stocks dropped sharply Tuesday, driving the benchmark index to the lowest level in 14 months.

The benchmark Shanghai Composite Index shedding 4.27 percent, or 108.23 points, to end at 2,427.05 points. The Shenzhen Stock Exchange plunged 503.15 points, or 5.03 percent to close at 9508.91.

Aggregate turnover of the two markets was 134.72 billion yuan.

Agricultural Bank of China (ABC) is set to raise up to 23.2 billion U.S. dollars in the world's largest IPO, according to the price range the lender has set for its shares.

ABC said late Monday in a statement filed with the Shanghai Stock Exchange that it had set the price range for the Shanghai portion of its initial public offering (IPO) at 2.52 to 2.68 yuan (0.37 to 0.39 dollars).

The lender last week priced shares in the Hong Kong part of its IPO at 2.88 to 3.48 HK dollars (0.37 to 0.45 U.S. dollars).

ABC said it would offer 22.23 billion A-shares in Shanghai and 25.41 billion H-shares in Hong Kong, excluding an over-allotment option, in the preliminary prospectus it submitted to the China Securities Regulatory Commission (CSRC).

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