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China stocks slip 3 percent as auto shares slide

Post Time:Dec 12,2008Classify:Industry NewsView:117

China's stock market fell sharply on Friday as auto-related shares slid in response to the apparent failure to get a bailout bill for the U.S. auto industry through Congress.

The market had already been weak because of poor Chinese economic data in the past few days, and the auto news sent the Shanghai Composite Index down as much as 3.06 percent to 1,969.492 points in the early afternoon.

Fuyao Group Glass Industries, a supplier to Ford among other auto makers, dropped 5.65 percent to 4.68 yuan [68 cents].

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Source: http://www.glassmagazine.com/news-item/commercial/china-stocks-slip-3-percent-auto-shares-slideAuthor:

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