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Air carriers lead decline in Shanghai on higher oil price
By Feng Jianmin |
March 2, 2011, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index fell first in three days after oil prices surged yesterday amid the middle-east turmoil, renewing worries that higher prices could fuel inflation and hobble the economic recovery.
The Shanghai Composite Index lost 0.74 percent to 2,897.23. Turnover rose to 100.7 billion yuan (US$ 15.3 billion) from yesterday morning's 91.8 billion yuan.
Oil for April delivery gained as much as $1.01, or 1 percent, to US$100.64 a barrel in electronic trading in New York, on concern turmoil in the Middle East will spread from Libya to Iran.
Airlines led the decliners. China Southern Airlines dropped 2.6 percent to 8.65 yuan. Air China similarly sank 2.6 percent to 11.62 yuan.
Rail way firms trailed on concerns that development of high speed railway may slow down after Zhang Shuguang, deputy chief engineer and director of the transportation bureau at the Ministry of Railways, was removed from his position for "severe disciplinary violations," Xinhua News Agency said. The ministry's former minister Liu Zhijun was accused of bribery and was removed from position last month.
CSR Corp, a major rail car maker, dropped 4 percent to 7.82 yuan.
China Railway Construction Corp lost 3 percent to 7.10 yuan after the company said that it had halted work on three construction contracts in Libya, which have a combined value of US$4.24 billion, and has evacuated most of its workers.
Gold miners outperformed as gold for April delivery rose 1.5 percent to a record US$1,431.2 per ounce on the New York market. Shandong Gold Mining Co edged up 0.7 percent to 49.76 yuan. Zhongjin Gold Corp added 0.2 percent to 38.02 yuan.
The Shanghai Composite Index lost 0.74 percent to 2,897.23. Turnover rose to 100.7 billion yuan (US$ 15.3 billion) from yesterday morning's 91.8 billion yuan.
Oil for April delivery gained as much as $1.01, or 1 percent, to US$100.64 a barrel in electronic trading in New York, on concern turmoil in the Middle East will spread from Libya to Iran.
Airlines led the decliners. China Southern Airlines dropped 2.6 percent to 8.65 yuan. Air China similarly sank 2.6 percent to 11.62 yuan.
Rail way firms trailed on concerns that development of high speed railway may slow down after Zhang Shuguang, deputy chief engineer and director of the transportation bureau at the Ministry of Railways, was removed from his position for "severe disciplinary violations," Xinhua News Agency said. The ministry's former minister Liu Zhijun was accused of bribery and was removed from position last month.
CSR Corp, a major rail car maker, dropped 4 percent to 7.82 yuan.
China Railway Construction Corp lost 3 percent to 7.10 yuan after the company said that it had halted work on three construction contracts in Libya, which have a combined value of US$4.24 billion, and has evacuated most of its workers.
Gold miners outperformed as gold for April delivery rose 1.5 percent to a record US$1,431.2 per ounce on the New York market. Shandong Gold Mining Co edged up 0.7 percent to 49.76 yuan. Zhongjin Gold Corp added 0.2 percent to 38.02 yuan.
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