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Commodity chips drag Shanghai index down
By Lydia Chen |
May 5, 2011, Thursday
|
Online Edition
Online Edition
SHARES in Shanghai extended losses in the morning session, led by commodity counters, amid a broad fall in prices of precious metals triggered by weaker silver in global markets.
The Shanghai Composite Index edged down 0.17 percent to 2,861.09. Turnover remained thin at 52.7 billion yuan (US$8.11 billion).
Jiangxi Copper Co lost 2.80 percent to 33.65 yuan. Zhongjin Gold Co was down 0.87 percent to 34.30 yuan.
Copper extended losses today, with London futures dropping to seven-week lows as concerns grew that Asian economies would probably sacrifice some growth in exchange for keeping inflation under check, reducing demand for the metal.
Construction material producers such as steel and cement makers were also among the biggest draggers as concern continued to spook investors that China's economy is facing a slowdown as the government is expected to intensify tightening measures to tame inflation.
Xinjiang Ba Yi Iron & Steel Co tumbled 3.13 percent to 13.95 yuan. Huaxin Cement Co plunged 7.85 percent to 46 yuan.
The Shanghai Composite Index edged down 0.17 percent to 2,861.09. Turnover remained thin at 52.7 billion yuan (US$8.11 billion).
Jiangxi Copper Co lost 2.80 percent to 33.65 yuan. Zhongjin Gold Co was down 0.87 percent to 34.30 yuan.
Copper extended losses today, with London futures dropping to seven-week lows as concerns grew that Asian economies would probably sacrifice some growth in exchange for keeping inflation under check, reducing demand for the metal.
Construction material producers such as steel and cement makers were also among the biggest draggers as concern continued to spook investors that China's economy is facing a slowdown as the government is expected to intensify tightening measures to tame inflation.
Xinjiang Ba Yi Iron & Steel Co tumbled 3.13 percent to 13.95 yuan. Huaxin Cement Co plunged 7.85 percent to 46 yuan.
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