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Cement makers drag down stocks
By Lydia Chen |
September 8, 2011, Thursday
|
Online Edition
Online Edition
THE Shanghai stock market retreated from a high opening and closed lower by the midday break, with cement-maker blue chips sinking in the thin trading session.
The Shanghai Composite Index was down 0.14 percent to 2,512.66. Turnover stayed low at nearly 34 billion yuan (USS$5.32 billion).
Cement makers, which have already slumped for several trading days amid the country's growth concerns, were again the biggest drag factor in the morning session.
Huaxin Cement Co shed 3.45 percent to 19.30 yuan. Anhui Conch Cement Co, the country's largest cement producer, lost 1.62 percent to 18.81 yuan.
Demand for construction materials haven't experienced a sharp rise so far in September, the traditional peak season for the industry, which further may hamper investors' confidence in related listed firms, according to a note by Huatai United Securities Co.
The Shanghai Composite Index was down 0.14 percent to 2,512.66. Turnover stayed low at nearly 34 billion yuan (USS$5.32 billion).
Cement makers, which have already slumped for several trading days amid the country's growth concerns, were again the biggest drag factor in the morning session.
Huaxin Cement Co shed 3.45 percent to 19.30 yuan. Anhui Conch Cement Co, the country's largest cement producer, lost 1.62 percent to 18.81 yuan.
Demand for construction materials haven't experienced a sharp rise so far in September, the traditional peak season for the industry, which further may hamper investors' confidence in related listed firms, according to a note by Huatai United Securities Co.
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