Coal shares lead fall, biggest in 6 weeks
Print Edition
SHANGHAI stocks yesterday fell the most in six weeks, led by coal shares as new policies suggested that the industry needed government support.
The Shanghai Composite Index dropped for a third day, losing 1.34 percent to 2,187.67 points, the biggest decline since June 19.
Coal shares suffered after the government eased restrictions on company registrations, which suggested that the coal industry was past the period of rapid development and needed government support.
Anyuan Coal Industry lost 7.32 percent to 5.19 yuan (84 US cents), while Shanxi Antai Group was down 6.19 percent to 3.18 yuan.
The nonferrous metal sector also declined.
Shandong Jintai lost 5.02 percent to 15.70 yuan yesterday, while Huludao Zinc dropped 10.04 percent to 8.69 yuan.
“Although the shares of Huludao Zinc and Shandong Jintai surged on Wednesday, there were great risks involved. It is the direction of the policy and the daily revenue of a company that genuinely matters. Indiscreet investments ought to be avoided,” said GF Securities in a note.
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