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September 26, 2009

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Metal tariffs depress key index

SHANGHAI'S key stock index dropped yesterday as metal producers fell after the European Union imposed extra tariffs on Chinese aluminum foil and steel pipes.

The benchmark Shanghai Composite Index was down 0.52 percent, or 14.71 points, to close at 2,838.84. Turnover was 81.1 billion yuan (US$11.9 billion). Losers outnumbered gainers 573 to 259, and 78 shares remained unchanged.

The index has lost 4.18 percent since Monday, the worst performance in six weeks.

The EU decided on Thursday to impose a five-year anti-dumping tariff of 39.2 percent on steel pipes from China from October 8.

Angang Steel Co Ltd dropped 2.03 percent to 11.60 yuan. Wuhan Iron & Steel lost 2.4 percent to 7.33 yuan. Baoshan Iron & Steel Co Ltd declined 0.45 percent to 6.62 yuan.

Gold plunge

Gold futures dropped below US$1,000 an ounce on Thursday. Shandong Gold Mining Co plunged 4.98 percent to 60.44 yuan. Zijin Mining Co fell 2.8 percent to 8.67 yuan. Metallurgical Corp of China was down 3 percent to 5.83 yuan.

Banks showed mixed results. The Industrial and Commercial Bank of China, the nation's biggest lender, fell 1.01 percent to 4.90 yuan. Shanghai Pudong Development Bank dropped 2.59 percent to 19.54 yuan. China CITIC Bank added 2.15 percent to close at 5.69 yuan.

Inner Mongolia Baotou Steal Rare-Earth High Tech Co, which is discussing cooperation with China Investment Corp, saw its shares drop 0.94 percent to 30.7 yuan.

The first 10 companies approved to trade on the Growth Enterprise Market launched subscriptions yesterday, planning to raise 6.7 billion yuan.

"Investors may pull out some of their capital from the main bourse to buy shares on the GEM and this may hurt fluidity in the market," said analyst Zhou Lin of Huatai Securities.

Property developers were also weak. China Vanke Co lost 2.03 percent to 10.64 yuan. Gemdale Corporation shares were down 1.86 percent to 13.2 yuan.


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