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Commodity counters pace decline in Shanghai
By Lydia Chen |
January 24, 2011, Monday
|
Online Edition
Online Edition
SHARES in Shanghai closed lower this morning with shares in most sectors continued to perform weak amid jittery sentiment.
The Shanghai Composite Index shed 0.50 percent to 2,701.84. Turnover shrank to 54.73 billion yuan (US$8.32 billion) from Friday morning's 63.3 billion.
Commodity shares were among the decliners this morning as concerns that a slower Chinese economy growth caused by more monetary tightening will reduce demand for metals.
Yanzhou Coal Mining lost 4.08 percent to 24.48 yuan. Tongling Nonferrous Metals Group Co tumbled 4.21 percent while Jiangsu Alcha Aluminum Co dived 9.37 percent to 17.70 yuan.
On the gaining side, market heavyweight Sinopec and PetroChina both outperformed on encouraging profit forecasts for 2010.
Sinopec gained 1.72 percent to 8.85 yuan. PetroChina climbed 1.26 percent to 11.26 yuan.
Sinopec said its profit for last year may have jumped a year-on-year increase of 60 percent to above 100 billion yuan. PetroChina, the biggest oil maker, also predicted a 32 percent profit rise from 2009.
The booming oil producing industry also benefited companies such as China Oilfield Services Ltd, which added 2.53 percent this morning.
The Shanghai Composite Index shed 0.50 percent to 2,701.84. Turnover shrank to 54.73 billion yuan (US$8.32 billion) from Friday morning's 63.3 billion.
Commodity shares were among the decliners this morning as concerns that a slower Chinese economy growth caused by more monetary tightening will reduce demand for metals.
Yanzhou Coal Mining lost 4.08 percent to 24.48 yuan. Tongling Nonferrous Metals Group Co tumbled 4.21 percent while Jiangsu Alcha Aluminum Co dived 9.37 percent to 17.70 yuan.
On the gaining side, market heavyweight Sinopec and PetroChina both outperformed on encouraging profit forecasts for 2010.
Sinopec gained 1.72 percent to 8.85 yuan. PetroChina climbed 1.26 percent to 11.26 yuan.
Sinopec said its profit for last year may have jumped a year-on-year increase of 60 percent to above 100 billion yuan. PetroChina, the biggest oil maker, also predicted a 32 percent profit rise from 2009.
The booming oil producing industry also benefited companies such as China Oilfield Services Ltd, which added 2.53 percent this morning.
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