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Coal producers lead Shanghai index down
By Pan Xiaoyi |
December 17, 2010, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock index fell today for the third day as coal producers weighed on the market on lower coal prices.
The benchmark Shanghai Composite Index edged down 0.15 percent, or 4.4 points, to 2,893.74. Turnover shrank to 93.9 billion yuan (US$14 billion) from 110.9 billion yuan.
The Shenzhen Composite Index, which tracks the smaller mainland market, was up 0.13 percent to 1,348.56.
Coal prices at the Qinhuangdao port, the benchmark of China's market, fell up to 2.5 percent this week as coal stockpiling in power plants is sufficient to combat the cold front.
Datong Coal Industry Co retreated 1.7 percent to 21.85 yuan. Shanxi Xishan Coal and Electricity Power withdrew 1.8 percent to 25.61 yuan.
PetroChina, the largest component of the index, slid 1.1 percent to 11.56 yuan after oil fell to a two-week low.
Elsewhere, Chongqing Chang'an Automobile Co advanced 1.9 percent to 10.77 yuan after the Chinese partner of Ford Motor Co and Mazda Motor Corp received regulatory approval to raise no more than 4 billion yuan through a private placement to fund expansion of production capacity and boost research and development.
Bucking the downward trend, aluminum shares rallied on price rebounds. Aluminum Corp of China jumped 1.4 percent to 10.38 yuan. Guangdong Dongyangguang Aluminum Co advanced 5.5 percent to 19.14 yuan.
The benchmark Shanghai Composite Index edged down 0.15 percent, or 4.4 points, to 2,893.74. Turnover shrank to 93.9 billion yuan (US$14 billion) from 110.9 billion yuan.
The Shenzhen Composite Index, which tracks the smaller mainland market, was up 0.13 percent to 1,348.56.
Coal prices at the Qinhuangdao port, the benchmark of China's market, fell up to 2.5 percent this week as coal stockpiling in power plants is sufficient to combat the cold front.
Datong Coal Industry Co retreated 1.7 percent to 21.85 yuan. Shanxi Xishan Coal and Electricity Power withdrew 1.8 percent to 25.61 yuan.
PetroChina, the largest component of the index, slid 1.1 percent to 11.56 yuan after oil fell to a two-week low.
Elsewhere, Chongqing Chang'an Automobile Co advanced 1.9 percent to 10.77 yuan after the Chinese partner of Ford Motor Co and Mazda Motor Corp received regulatory approval to raise no more than 4 billion yuan through a private placement to fund expansion of production capacity and boost research and development.
Bucking the downward trend, aluminum shares rallied on price rebounds. Aluminum Corp of China jumped 1.4 percent to 10.38 yuan. Guangdong Dongyangguang Aluminum Co advanced 5.5 percent to 19.14 yuan.
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