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Air carriers and auto makers drag Shanghai index
By Feng Jianmin |
April 11, 2011, Monday
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Online Edition
Online Edition
SHANGHAI'S key stock index fell for the first time in five days after data revealed China's first quarterly trade deficit in seven years.
The benchmark Shanghai Composite Index edged down 0.24 percent, or 7.27 points, to close at 3,022.75 points. Turnover was 184.3 billion yuan (US$28.1 billion). A total of 586 counters dropped while 256 rose and 43 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, lost 0.81 percent at 1,275.52 points.
Imports in the first three months jumped 32.6 percent from a year ago to a record 400.66 billion yuan, while exports rose 26.5 percent to 399.64 billion yuan, the General Administration of Customs said.
Coal miners and oil producers outperformed after oil prices jumped to above US$112 a barrel in New York. Domestic coal prices are also expected to rise as stock volume dropped 10 nearly percent in Qinghuangdao exchange last week.
China Shenhua Energy Co, the nation's largest coal producer, climbed 3.2 percent to 30.87 yuan. PetroChina, the largest oil producer and biggest heavyweight in the market, was up 0.1 percent to 12.18 yuan.
Airlines fell on concerns about higher cost. Air China fell 1.3 percent to 10.66 yuan. Southern Airline was down 1.9 percent to 7.76 yuan.
Car makers dropped after China Association of Automobile Manufacturers said on Sunday that sales of auto in March grew 8 percent from last year, 63.7 percentage slower than the growth in last March.
SAIC Motor Co, China's largest car maker, went down 0.9 percent to 19.72 yuan. FAW Car Co slid 3.4 percent to 16.60 yuan.
The benchmark Shanghai Composite Index edged down 0.24 percent, or 7.27 points, to close at 3,022.75 points. Turnover was 184.3 billion yuan (US$28.1 billion). A total of 586 counters dropped while 256 rose and 43 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, lost 0.81 percent at 1,275.52 points.
Imports in the first three months jumped 32.6 percent from a year ago to a record 400.66 billion yuan, while exports rose 26.5 percent to 399.64 billion yuan, the General Administration of Customs said.
Coal miners and oil producers outperformed after oil prices jumped to above US$112 a barrel in New York. Domestic coal prices are also expected to rise as stock volume dropped 10 nearly percent in Qinghuangdao exchange last week.
China Shenhua Energy Co, the nation's largest coal producer, climbed 3.2 percent to 30.87 yuan. PetroChina, the largest oil producer and biggest heavyweight in the market, was up 0.1 percent to 12.18 yuan.
Airlines fell on concerns about higher cost. Air China fell 1.3 percent to 10.66 yuan. Southern Airline was down 1.9 percent to 7.76 yuan.
Car makers dropped after China Association of Automobile Manufacturers said on Sunday that sales of auto in March grew 8 percent from last year, 63.7 percentage slower than the growth in last March.
SAIC Motor Co, China's largest car maker, went down 0.9 percent to 19.72 yuan. FAW Car Co slid 3.4 percent to 16.60 yuan.
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