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Coal and metal counters drag Shanghai index
By Lydia Chen |
July 29, 2011, Friday
|
Online Edition
Online Edition
SHARES in Shanghai extended the drop for a second day today as blue chips continued to fall amid increasing concerns about the deadlocked US debt ceiling talk.
The Shanghai Composite Index shed 0.26 percent to 2,701.73. The index lost 2.5 percent this week. Turnover fell slightly to 83.78 billion yuan (US$ 12.98 billion).
Coal and metal producers were among the largest drags today while oil producers also weighed on the market after oil futures headed for the first weekly decline in five weeks amid concerns that a failure to reach an agreement to raise US debt limit may threaten the economy of the world's biggest crude consumer.
Yanzhou Coal Mining declined 1.79 percent to 32.90 yuan. Jiangxi Copper skipped 2.30 percent to 36.08 yuan. PetroChina declined 1.02 percent to 10.68 yuan.
Airline related companies, which rallied among expectations that their business may improve following China's latest deadly bullet train crash, fell amid profit-taking selling.
Hainan Airlines lost 3.11 percent to 6.86 yuan. China Eastern Airlines decreased 3.40 percent to 5.40 yuan.
Banks today staged an unexpected rally in late afternoon following comments by Liu Mingkang, the country's top bank regulator, said Chinese lenders are strong enough to handle even the worst scenario if when property prices drop by 50 percent.
Industrial & Commercial Bank of China, the country's biggest lender, climbed 1.19 percent to 4.25 yuan.
Many economists have warned that a potential bursting of a property bubble could be one of the biggest risks for lenders and also hobble the world's second-largest economy in the medium to long term.
Chinese lenders have also been long pressured by concerns that large sums of loans to local governments during the country's 4 trillion yuan stimulus plan in the global economic crisis could also go bad in near future.
The Shanghai Composite Index shed 0.26 percent to 2,701.73. The index lost 2.5 percent this week. Turnover fell slightly to 83.78 billion yuan (US$ 12.98 billion).
Coal and metal producers were among the largest drags today while oil producers also weighed on the market after oil futures headed for the first weekly decline in five weeks amid concerns that a failure to reach an agreement to raise US debt limit may threaten the economy of the world's biggest crude consumer.
Yanzhou Coal Mining declined 1.79 percent to 32.90 yuan. Jiangxi Copper skipped 2.30 percent to 36.08 yuan. PetroChina declined 1.02 percent to 10.68 yuan.
Airline related companies, which rallied among expectations that their business may improve following China's latest deadly bullet train crash, fell amid profit-taking selling.
Hainan Airlines lost 3.11 percent to 6.86 yuan. China Eastern Airlines decreased 3.40 percent to 5.40 yuan.
Banks today staged an unexpected rally in late afternoon following comments by Liu Mingkang, the country's top bank regulator, said Chinese lenders are strong enough to handle even the worst scenario if when property prices drop by 50 percent.
Industrial & Commercial Bank of China, the country's biggest lender, climbed 1.19 percent to 4.25 yuan.
Many economists have warned that a potential bursting of a property bubble could be one of the biggest risks for lenders and also hobble the world's second-largest economy in the medium to long term.
Chinese lenders have also been long pressured by concerns that large sums of loans to local governments during the country's 4 trillion yuan stimulus plan in the global economic crisis could also go bad in near future.
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