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Cement and power producers drop in Shanghai
By Lydia Chen |
May 20, 2011, Friday
|
Online Edition
Online Edition
TEPID performances among cement makers and electricity producers dragged Shanghai stock index down for a second day today despite mild gains by the heavyweighted banking and energy sectors.
The Shanghai Composite Index dipped 0.04 percent to 2,858.46. Turnover shrank to the lowest in four month at 84 billion yuan.
Shares in environment protection business were the biggest decliners, followed by cement makers who have been gloomy for several days over concerns that China's sturbonly high inflation may slow economic growth and hurt demand.
Xinjiang Qingsong Building Materials and Chemicals Group Co tumbled 3.42 percent to 22.60 yuan
Electricity producers were also among the worst performers in face a worsening power supply shortage across China.
However, analysts said the utility sector could be good investments after having been low for a while and is expected to see some rebounds when the price cap imposed by the government is loosened to help power producers.
The Shanghai Composite Index dipped 0.04 percent to 2,858.46. Turnover shrank to the lowest in four month at 84 billion yuan.
Shares in environment protection business were the biggest decliners, followed by cement makers who have been gloomy for several days over concerns that China's sturbonly high inflation may slow economic growth and hurt demand.
Xinjiang Qingsong Building Materials and Chemicals Group Co tumbled 3.42 percent to 22.60 yuan
Electricity producers were also among the worst performers in face a worsening power supply shortage across China.
However, analysts said the utility sector could be good investments after having been low for a while and is expected to see some rebounds when the price cap imposed by the government is loosened to help power producers.
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