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Market Update : 
Shanghai Plunges 5%, HK Stocks Down 1.4%
Author: 123jump.com Staff
123jump.com
Last Update: 3:42 PM EDT April 09 2008

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China reported a decline in consumer confidence in the first quarter on rising food and energy prices. However, real estate sales continue to surge in March after falling for two months in a row. Stocks in Shanghai plunged 5% as investors worried that earnings in the first quarter will be lower than expected. Hang Seng index fell 1.4% but recovered from larger losses on rising energy and commodities stocks.

 
Sinopec Corp shed 4% after a fire at a key European refinery in Finland pushed oil prices near $109 per barrel, a development that compromises the company’s earnings as domestic petroleum products are pegged by the government.

China BlueChemical Ltd tumbled 5.4% after Norwegian fertilizer group Yara offered to sell a 1.75% stake in China''s top producer of nitrogen fertilizer.

China Railway Construction Corp Ltd slumped 4.8% after it revealed that it has issued 181.54 million H shares at an offer price of HK$10.70 to cover additional sales during the international offering at the time of public offering.
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