Related News

Home » Business » Finance

Index closes lower at 2,897.55

SHANGHAI'S key stock index closed at more than 2 percent lower today with a sluggish performance from oil producers after the oil price dropped below US$70.

The benchmark Shanghai Composite Index dropped 2.34 percent to 2,897.55 points. Turnover was 137.8 billion yuan (US$20.2 billion). Losers outnumbered gainers 747 to 114, with 49 unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, lost 2.15 percent to close at 1,016.97 points.

The price of crude oil dropped 3.2 percent to US$69.7 per barrel today. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, retreated 3.16 percent to 11.33 yuan. PetroChina lost 2.18 percent to 12.99 yuan.

Steel producers led the sliding stocks. Baoshan Iron & Steel Co, the country's largest steel maker, dipped 4.20 percent to 6.61 yuan. Handan Iron & Steel Co slid 5.86 percent to 5.14 yuan. Angang Steel Co, China's second-biggest steel maker, withdrew 4.80 percent to 12.29 yuan.

China Vanke Co, the largest listed domestic property developer, lost 2.85 percent to 10.91 yuan. Gemdale Corporation dropped 4.57 percent to 13.17 yuan. Poly Real Estate Group retreated 3.28 percent to 23.26 yuan.

Shares of department stores, retailers, home appliances and other consumer-related companies were among the gainers on expectations the coming National Day holiday beginning on October 1 will boost consumption.

Qinhuangdao Bohai Logistics Holding Co Ltd surged by the daily limit of 10 percent to 7.45 yuan. Television maker Hisense Electric Co advanced 5.65 percent to 14.02 yuan. Gree Electric Appliances Inc of Zhuhai rose 3.97 percent to 23.02 yuan.


Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.

沪公网安备 31010602000204号

Email this to your friend