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Banks, metal makers drag stocks to 2-year low
By Feng Jianmin |
October 20, 2011, Thursday
|
Online Edition
Online Edition
METAL producers and banks fell, driving Shanghai's key stock index to the lowest in more than two years on growth concerns.
The benchmark Shanghai Composite Index lost 1.94 percent to 2,331.37 points, the lowest closing level since March 25, 2009. Turnover rose to 57.8 billion yuan (US$9 billion) from yesterday's 53.1 billion yuan.
Metal producers dropped after metal prices tumbled in Shanghai. Copper futures for January delivery slid 6 percent to 50,950 yuan per ton, and the three-month aluminum delivery also fell 2.4 percent on concerns that slower economic growth will dampen demands.
Aluminum inventories in China, the largest user of the metal, rebounded 30 percent in three weeks on slower trading along with the country's economic growth, according to a report by Guangzhou KT Commodity Information & Consulting Co.
Jiangxi Copper Co shed 4.4 percent to 25.20 yuan. Aluminum Corp of China trailed 2.8 percent to 7.97 yuan.
Property developers and banks were weak after the China Bank Regulatory Commission said that banks could stand a drop of 40 percent in home prices - affirming speculation that home prices are bound to fall.
China Vanke, China's largest property developer, fell 1.1 percent to 7.02 yuan. Bank of China was down 1.7 percent to 2.94 yuan.
The benchmark Shanghai Composite Index lost 1.94 percent to 2,331.37 points, the lowest closing level since March 25, 2009. Turnover rose to 57.8 billion yuan (US$9 billion) from yesterday's 53.1 billion yuan.
Metal producers dropped after metal prices tumbled in Shanghai. Copper futures for January delivery slid 6 percent to 50,950 yuan per ton, and the three-month aluminum delivery also fell 2.4 percent on concerns that slower economic growth will dampen demands.
Aluminum inventories in China, the largest user of the metal, rebounded 30 percent in three weeks on slower trading along with the country's economic growth, according to a report by Guangzhou KT Commodity Information & Consulting Co.
Jiangxi Copper Co shed 4.4 percent to 25.20 yuan. Aluminum Corp of China trailed 2.8 percent to 7.97 yuan.
Property developers and banks were weak after the China Bank Regulatory Commission said that banks could stand a drop of 40 percent in home prices - affirming speculation that home prices are bound to fall.
China Vanke, China's largest property developer, fell 1.1 percent to 7.02 yuan. Bank of China was down 1.7 percent to 2.94 yuan.
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