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Commodity and financial shares drop in Shanghai
By Ding Yining |
September 9, 2010, Thursday
|
Online Edition
Online Edition
SHANGHAI'S key stock index lost more than 1 percent in the morning session after commodity producers retreated from earlier gains and financial shares plunged.
The benchmark Shanghai Composite Index fell 1.03 percent, or 27.69 points, to close at 2,667.60 points. Turnover was 82.6 billion yuan (US$12 billion).
The Shenzhen Composite Index, which tracks the smaller domestic market, lost 0.84 percent to close at 1,185.46 points.
Commodity producers retreated from earlier gains. Jiangxi Copper Co fell 3.15 percent to 22.16 yuan. Shandong Gold Mining Co slid 2.16 percent to 44.32 yuan. Zijin Mining Co was down 3.28 percent to 6.49 yuan.
Banks were weak. Industrial Bank Co retreated 3 percent to 24.55 yuan. Bank of Communications lost 1.33 percent to 5.93 yuan. Shanghai Pudong Development Bank slid 2.45 percent to 13.55 yuan.
Heavily-weighted energy shares and steel producers also dragged down the index. China Shenhua Energy Co, the country's biggest coal producer, fell 1.98 percent to 23.75 yuan. PetroChina, the biggest index component, was down 0.78 percent to 10.21 yuan. Baoshan Iron & Steel Co lost 2.31 percent to 6.78 yuan.
The benchmark Shanghai Composite Index fell 1.03 percent, or 27.69 points, to close at 2,667.60 points. Turnover was 82.6 billion yuan (US$12 billion).
The Shenzhen Composite Index, which tracks the smaller domestic market, lost 0.84 percent to close at 1,185.46 points.
Commodity producers retreated from earlier gains. Jiangxi Copper Co fell 3.15 percent to 22.16 yuan. Shandong Gold Mining Co slid 2.16 percent to 44.32 yuan. Zijin Mining Co was down 3.28 percent to 6.49 yuan.
Banks were weak. Industrial Bank Co retreated 3 percent to 24.55 yuan. Bank of Communications lost 1.33 percent to 5.93 yuan. Shanghai Pudong Development Bank slid 2.45 percent to 13.55 yuan.
Heavily-weighted energy shares and steel producers also dragged down the index. China Shenhua Energy Co, the country's biggest coal producer, fell 1.98 percent to 23.75 yuan. PetroChina, the biggest index component, was down 0.78 percent to 10.21 yuan. Baoshan Iron & Steel Co lost 2.31 percent to 6.78 yuan.
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