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Auto stocks lead decline in Shanghai
By Lydia Chen |
December 24, 2010, Friday
|
Online Edition
Online Edition
SHARES in Shanghai slipped for a third day today as investors sold stocks in the auto making industry over new restrictions on car sales in Beijing.
The Shanghai Composite Index, the benchmark index, lost 0.70 percent, or 20.06 points, to 2835.16. Turnover retreated to 95.89 billion yuan (US$14.38 billion) from 110.9 billion yuan on Thursday.
The index lost 2.02 percent, or 58.58 points, this week. It has fallen 13 percent so far this year, the worst performer among major Asian benchmarks. The decline was largely due to concerns the government will release more tightening measures to cap inflation that reached a 28-month high last month.
SAIC Motor Corp, the biggest publicly traded automaker, lost 2.31 percent to 15.63 yuan. Beiqi Foton Motor Co, a car maker based in Beijing, declined 4.53 percent to 24.88 yuan.
From today, car buyers in Beijing will have to draw lots to obtain a new car license plate from a quota of 240,000 next year. About 88 percent will be allocated to individual buyers, according to a statement by the municipal yesterday.
In other initiatives, parking fees will be raised, vehicles registered outside the capital banned from the center of town and a resident limited to owning one car.
Metal shares were also among the decreased after commodity prices in the world market fell.
Aluminum Corp of China slid 2.64 percent to 10.31 yuan. Yunnan Copper Industry Co dipped 0.48 percent to 24.71 yuan.
On the London Metal Exchange, copper for delivery in three months declined 0.3 percent to US$9,275 a metric ton. Nickel, zinc and aluminum also fell in London.
But a gaining crude oil price pushed oil producers higher today. The price of oil jumped above US$91 a barrel Thursday in New York - the highest it's been in more than two years.
PetroChina, the country's biggest oil producer, edged up 0.18 percent to 11.42 yuan. Shanghai Petrochemical added 0.68 percent to 8.84 yuan.
The Shanghai Composite Index, the benchmark index, lost 0.70 percent, or 20.06 points, to 2835.16. Turnover retreated to 95.89 billion yuan (US$14.38 billion) from 110.9 billion yuan on Thursday.
The index lost 2.02 percent, or 58.58 points, this week. It has fallen 13 percent so far this year, the worst performer among major Asian benchmarks. The decline was largely due to concerns the government will release more tightening measures to cap inflation that reached a 28-month high last month.
SAIC Motor Corp, the biggest publicly traded automaker, lost 2.31 percent to 15.63 yuan. Beiqi Foton Motor Co, a car maker based in Beijing, declined 4.53 percent to 24.88 yuan.
From today, car buyers in Beijing will have to draw lots to obtain a new car license plate from a quota of 240,000 next year. About 88 percent will be allocated to individual buyers, according to a statement by the municipal yesterday.
In other initiatives, parking fees will be raised, vehicles registered outside the capital banned from the center of town and a resident limited to owning one car.
Metal shares were also among the decreased after commodity prices in the world market fell.
Aluminum Corp of China slid 2.64 percent to 10.31 yuan. Yunnan Copper Industry Co dipped 0.48 percent to 24.71 yuan.
On the London Metal Exchange, copper for delivery in three months declined 0.3 percent to US$9,275 a metric ton. Nickel, zinc and aluminum also fell in London.
But a gaining crude oil price pushed oil producers higher today. The price of oil jumped above US$91 a barrel Thursday in New York - the highest it's been in more than two years.
PetroChina, the country's biggest oil producer, edged up 0.18 percent to 11.42 yuan. Shanghai Petrochemical added 0.68 percent to 8.84 yuan.
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