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Market loses more than 1% during morning session
By Ding Yining |
November 19, 2010, Friday
|
Online Edition
Online Edition
SHANGHAI'S stock market dropped 1.1 percent in the morning session with weak performance of financial shares and commodity producers as inflation concerns shadowed investor sentiment.
The benchmark Shanghai Composite Index lost 31.48 points to close at 2,833.98 points. Turnover was 78.6 billion yuan (US$12 billion).
The Shenzhen Composite Index edged up 0.48 percent to at 1,266.60 points.
State Information Center, the research agency under the National Development and Reform Commission, said in a latest report that Consumer Price Index will rise 3.8 percent in the fourth quarter, the highest quarterly gain this year. It also suggested a shift from the current moderately easy monetary policy to a more neutral one, the China Securities Journal reported today.
Banks and insurers went down. Bank of Communications dropped 2.42 percent to 5.86 yuan. Shanghai Pudong Development Bank fell 1.74 percent to 12.96 yuan. Ping An Insurance Group lowered 2.15 percent to 56.41 yuan.
Commodity shares were also weak after the State Council pledged to manage inflation and ensure price stability. Zijin Mining Co tumbled 3.77 percent to 8.42 yuan. Shandong Gold Mining Co lost 2.68 percent to 53.80 yuan. Yunnan Copper Co lost 2.52 percent to 24.02 yuan.
China Petroleum & Chemical Corp, Asia's largest oil refiner, lost 1.55 percent to 8.26 yuan. PetroChina, the biggest index component, retreated 2.55 percent to 11.10 yuan.
Property sector also went down. China Vanke Co, the largest listed property developer, lost 1.81 percent to 8.12 yuan. Gemdale Corporation was down 1.49 percent 5.96 yuan. China Merchants Development Co dipped 0.68 percent to 16.12 yuan.
The benchmark Shanghai Composite Index lost 31.48 points to close at 2,833.98 points. Turnover was 78.6 billion yuan (US$12 billion).
The Shenzhen Composite Index edged up 0.48 percent to at 1,266.60 points.
State Information Center, the research agency under the National Development and Reform Commission, said in a latest report that Consumer Price Index will rise 3.8 percent in the fourth quarter, the highest quarterly gain this year. It also suggested a shift from the current moderately easy monetary policy to a more neutral one, the China Securities Journal reported today.
Banks and insurers went down. Bank of Communications dropped 2.42 percent to 5.86 yuan. Shanghai Pudong Development Bank fell 1.74 percent to 12.96 yuan. Ping An Insurance Group lowered 2.15 percent to 56.41 yuan.
Commodity shares were also weak after the State Council pledged to manage inflation and ensure price stability. Zijin Mining Co tumbled 3.77 percent to 8.42 yuan. Shandong Gold Mining Co lost 2.68 percent to 53.80 yuan. Yunnan Copper Co lost 2.52 percent to 24.02 yuan.
China Petroleum & Chemical Corp, Asia's largest oil refiner, lost 1.55 percent to 8.26 yuan. PetroChina, the biggest index component, retreated 2.55 percent to 11.10 yuan.
Property sector also went down. China Vanke Co, the largest listed property developer, lost 1.81 percent to 8.12 yuan. Gemdale Corporation was down 1.49 percent 5.96 yuan. China Merchants Development Co dipped 0.68 percent to 16.12 yuan.
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