Commodities halt Shanghai’s win streak
Print Edition
SHANGHAI shares yesterday halted its six-day winning streak as commodity producers fell over slumping oil and metal prices.
The Shanghai Composite Index lost 1.34 percent to 2,862.56 points, ending a six-day run of gains that was the longest since July.
“Investors are seizing the moment to get out of stocks as they expect a major correction following the overnight tumble in global commodity prices,” FX678.com quoted Huaxi Securities analyst Cao Xuefeng as saying.
Jiangxi Copper Co plunged the most in six weeks after copper prices tumbled the most since July. Jiangxi Copper plunged 7.27 percent to 14.54 yuan (US$2.23). Shandong Gold Mining Co sank 7.36 percent to 26.57 yuan. Zijin Mining Co lost 4 percent to 3.36 yuan.
But the index, in the last half an hour of trading, pared losses of as much as 3.1 percent.
Medical companies were among the gainers after Li Bin, director of the National Health and Family Planning Commission, told a press conference at the National People’s Congress that the commission was drafting new rules to deepen the reform in the medical sector.
Zhejiang Huahai Pharmaceutical Co rose 2.03 percent to 26.19 yuan.
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