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Broad sell-off as investors take profits
By Joyce Pan |
June 5, 2009, Friday
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Print Edition
Print Edition
SHANGHAI'S benchmark stock index ended lower yesterday amid a broad sell-off on concerns over a less-than-optimistic economic outlook.
The Shanghai Composite Index dipped 0.41 percent, or 11.35 points, to close at 2,767.24, after touching a low of 2,728.2. Turnover swelled to a record 179.53 billion yuan (US$26.4 billion) from 159.93 billion yuan on Wednesday.
"The index underwent fluctuations and experienced a round of adjustment after reaching a 10-month high," said Xu Zheng, an analyst from Minsheng Securities Co. "Investors are concerned that macro-economic figures to be released next week will be discouraging and continuing losses will persist."
Deputy Minister of Commerce Zhong Shan said China's foreign trade seemed certain to drop for the first half of the year and prospects for the second half are still not good.
"Profit taking and sluggish surrounding markets are to blame for the correction," said He Yong, an analyst at S&E Securities Brokerage Co.
Heavyweight chips and coal producers led the losses.
PetroChina, the biggest component in the index and China's top oil producer, lost 1.67 percent to 14.15 yuan while China Shenhua Energy Co, Asia's largest coal producer, dipped 0.26 percent to 27.23 yuan.
Yanzhou Coal Mining Co, the listed unit of China's fourth-biggest coal miner, eased 0.65 percent to 15.31 yuan.
Gold producers also fell after reversing earlier gains. Zijin Mining Group fell 2.35 percent to 9.99 yuan and Shandong Gold Mining Co lost 2.01 percent to 53.69 yuan.
The Shanghai Composite Index dipped 0.41 percent, or 11.35 points, to close at 2,767.24, after touching a low of 2,728.2. Turnover swelled to a record 179.53 billion yuan (US$26.4 billion) from 159.93 billion yuan on Wednesday.
"The index underwent fluctuations and experienced a round of adjustment after reaching a 10-month high," said Xu Zheng, an analyst from Minsheng Securities Co. "Investors are concerned that macro-economic figures to be released next week will be discouraging and continuing losses will persist."
Deputy Minister of Commerce Zhong Shan said China's foreign trade seemed certain to drop for the first half of the year and prospects for the second half are still not good.
"Profit taking and sluggish surrounding markets are to blame for the correction," said He Yong, an analyst at S&E Securities Brokerage Co.
Heavyweight chips and coal producers led the losses.
PetroChina, the biggest component in the index and China's top oil producer, lost 1.67 percent to 14.15 yuan while China Shenhua Energy Co, Asia's largest coal producer, dipped 0.26 percent to 27.23 yuan.
Yanzhou Coal Mining Co, the listed unit of China's fourth-biggest coal miner, eased 0.65 percent to 15.31 yuan.
Gold producers also fell after reversing earlier gains. Zijin Mining Group fell 2.35 percent to 9.99 yuan and Shandong Gold Mining Co lost 2.01 percent to 53.69 yuan.
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