Market dips on EU debt crisis jitters
By Chua Kong Ho | China Daily | Updated: 2010-05-20 07:55
Singapore - China's stocks fell, led by developers and shipping companies, on concern Europe's debt crisis and government measures to contain home prices will damp demand for Chinese exports and hurt earnings.
China Cosco Holdings Co, the country's biggest shipping line, lost 1.7 percent after Shanghai Securities News reported China's export growth to Europe may slow as much as 7 percentage points.
China Vanke Co and Poly Real Estate Group Co paced declines after Goldman Sachs Group Inc and Credit Suisse Group Inc cut profit estimates for property companies.
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