Commodities lead index lower
By Lydia Chen |
May 17, 2011, Tuesday
|
Print Edition
Print Edition
SHARES in Shanghai edged down yesterday, led by commodity producers, amid concerns that slower economic growth as a result of tightening measures may reduce demand and high raw material prices in turn may erode company profits.
The benchmark Shanghai Composite Index shed 0.8 percent to end at 2,849.07.
"The market is pressured by expectations that companies' profits may be gloomy due to high prices of commodity materials while monetary tightening will not end any time soon," Huang Dongsheng, an analyst at Guodu Securities Co.
Cement, steel and nonferrous metal makers were among the biggest losers.
Anhui Chaodong Cement Co shed 6 percent to 18.09 yuan. Xinjiang Ba Yi Iron and Steel Co plunged 4.4 percent to 13.46 yuan. Ningbo Fubang Jingye Group Co lost 4.5 percent to 15.83 yuan.
John Lipsky, the first deputy managing director of the International Monetary Fund, told the Shanghai Securities News that he thought China's inflation won't recede soon and the government will continue to tighten monetary and fiscal policies.
But Jim O'Neil, chairman of Goldman Sachs Asset Management, predicted China's inflation may ease.
The Industrial and Commercial Bank of China, the world's biggest bank by market value, fell 1.5 percent to close at 4.51 yuan, pacing declines among lenders. Huaxia Bank shed 3.5 percent to close at 11.71 yuan.
The benchmark Shanghai Composite Index shed 0.8 percent to end at 2,849.07.
"The market is pressured by expectations that companies' profits may be gloomy due to high prices of commodity materials while monetary tightening will not end any time soon," Huang Dongsheng, an analyst at Guodu Securities Co.
Cement, steel and nonferrous metal makers were among the biggest losers.
Anhui Chaodong Cement Co shed 6 percent to 18.09 yuan. Xinjiang Ba Yi Iron and Steel Co plunged 4.4 percent to 13.46 yuan. Ningbo Fubang Jingye Group Co lost 4.5 percent to 15.83 yuan.
John Lipsky, the first deputy managing director of the International Monetary Fund, told the Shanghai Securities News that he thought China's inflation won't recede soon and the government will continue to tighten monetary and fiscal policies.
But Jim O'Neil, chairman of Goldman Sachs Asset Management, predicted China's inflation may ease.
The Industrial and Commercial Bank of China, the world's biggest bank by market value, fell 1.5 percent to close at 4.51 yuan, pacing declines among lenders. Huaxia Bank shed 3.5 percent to close at 11.71 yuan.
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