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Commodity counters lead decline in Shanghai
By Feng Jianmin |
May 12, 2011, Thursday
|
Online Edition
Online Edition
SHANGHAI'S key stock index dropped the most in a week after commodity prices dropped overnight, arousing concerns for slower economic growth.
The Shanghai Composite Index fell 1.36 percent, or 39.34 points, to close at 2,844.08. Turnover was 115 billion yuan (US$9.1 billion), slightly higher than yesterday's 107 billion yuan.
Oil prices for June delivery dropped 5.5 percent to below US$100 a barrel on Wednesday overnight in New York, after the US dollar went stronger as the European crisis worsened, and China reported slower industrial output in April. Copper for June delivery also shed 2 percent in London.
Meanwhile, China's central bank issued 40 billion yuan of three-year notes for the first time in six months. The central bank has withdrawn 12 billion yuan through open market operations this week, ending a consecutive three weeks' injection of capital.
"The tumble of commodity prices has dragged heavy weights on the market and led the index down," said Xu Dawei with Western Securities.
Oil producers led the decliners. PetroChina, the index's biggest component, lost 1.3 percent to 11.03 yuan. Sinopec dropped 1 percent to 8.32 yuan.
Gold miners were also weak after gold for June delivery fell 1 percent in New York. Shandong Gold Mining Group Co shed 4.6 percent to 44.22 yuan. Zijin Mining Co lost 2.5 percent to 7.13 yuan.
The Shanghai Composite Index fell 1.36 percent, or 39.34 points, to close at 2,844.08. Turnover was 115 billion yuan (US$9.1 billion), slightly higher than yesterday's 107 billion yuan.
Oil prices for June delivery dropped 5.5 percent to below US$100 a barrel on Wednesday overnight in New York, after the US dollar went stronger as the European crisis worsened, and China reported slower industrial output in April. Copper for June delivery also shed 2 percent in London.
Meanwhile, China's central bank issued 40 billion yuan of three-year notes for the first time in six months. The central bank has withdrawn 12 billion yuan through open market operations this week, ending a consecutive three weeks' injection of capital.
"The tumble of commodity prices has dragged heavy weights on the market and led the index down," said Xu Dawei with Western Securities.
Oil producers led the decliners. PetroChina, the index's biggest component, lost 1.3 percent to 11.03 yuan. Sinopec dropped 1 percent to 8.32 yuan.
Gold miners were also weak after gold for June delivery fell 1 percent in New York. Shandong Gold Mining Group Co shed 4.6 percent to 44.22 yuan. Zijin Mining Co lost 2.5 percent to 7.13 yuan.
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