Hong Kong shares slip, Shanghai tumbles to lowest since March 2009
Shanghai shares tumbled to their lowest since March 2009 on Monday, dragged by non-banking financials whose sagging fortunes are dependent on a more aggressive policy easing regime, which now seem unlikely.Among other reasons for concern, earnings.
Chinese brokers and insurers, which are heavily invested in mainland stock markets, were also among the biggest drags in Hong Kong. China Life Insurance was among the biggest weight on benchmark indices in both markets.
China Premier Wen Jiabao's comments, while on a visit to Guangdong over the weekend pledging new measures aimed at stablising export growth, were seen by some market watchers as diminishing the chances of Beijing reducing bank reserve requirements or cutting interest rates....MORE
Sinopec erns were down 40% due in part to an 18 billion Yuan loss in refining.