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Coal firms and banks drop in Shanghai
By Feng Jianmin |
November 16, 2010, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index fell in the morning, led by drops of coal producers and banks. Pharmaceutical companies gained.
The benchmark Shanghai Composite Index fell 0.6 percent, or 20.6 points, to close at 2,993.8 points. Turnover dropped to 103.6 billion yuan(US$15.6 billion) from yesterday morning's 113 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.07 percent to 1,329 points.
Coal prices dipped this week as demand ebbs on improving weather conditions, Industrial Securities said in a report.
Weak coal prices were among declines of most commodity futures on global markets, fueled by a firmer US dollar on speculation that European banks may offer a bailout to Ireland to ease the country's debt crisis.
Datong Coal Industry Co fell 2.8 percent to 22.09 yuan. Yanzhou Coal Mining Co dropped 3.8 percent to 27.84 yuan. Shanxi Xishan Coal & Electricity Power Co lost 2 percent to 25.17 yuan.
Banks retreated from previous gains. Bank of China was down 1.5 percent at 3.39 yuan. Agricultural Bank of China fell 1.8 percent to 2.70 yuan. China Construction Bank shed 3.5 percent to 4.92 yuan.
Pharmaceutical and bio-technology firms led the gainers on news that a new stock index tracking top 380 high growth blue-chips will cover these sectors. The index is set to debut at the end this month.
Chongqing Taiji Industry Group Co jumped by daily limit of 10 percent to 12.52 yuan. Southwest Pharmaceutical Co climbed 7 percent to 12.78 yuan.
The benchmark Shanghai Composite Index fell 0.6 percent, or 20.6 points, to close at 2,993.8 points. Turnover dropped to 103.6 billion yuan(US$15.6 billion) from yesterday morning's 113 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.07 percent to 1,329 points.
Coal prices dipped this week as demand ebbs on improving weather conditions, Industrial Securities said in a report.
Weak coal prices were among declines of most commodity futures on global markets, fueled by a firmer US dollar on speculation that European banks may offer a bailout to Ireland to ease the country's debt crisis.
Datong Coal Industry Co fell 2.8 percent to 22.09 yuan. Yanzhou Coal Mining Co dropped 3.8 percent to 27.84 yuan. Shanxi Xishan Coal & Electricity Power Co lost 2 percent to 25.17 yuan.
Banks retreated from previous gains. Bank of China was down 1.5 percent at 3.39 yuan. Agricultural Bank of China fell 1.8 percent to 2.70 yuan. China Construction Bank shed 3.5 percent to 4.92 yuan.
Pharmaceutical and bio-technology firms led the gainers on news that a new stock index tracking top 380 high growth blue-chips will cover these sectors. The index is set to debut at the end this month.
Chongqing Taiji Industry Group Co jumped by daily limit of 10 percent to 12.52 yuan. Southwest Pharmaceutical Co climbed 7 percent to 12.78 yuan.
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