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Commodity firms lead Shanghai index lower
By Feng Jianmin |
November 15, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock index extended previous losses in the morning, led by drops in commodity firms on lower commodity prices. Small and medium caps outperformed.
The benchmark Shanghai Composite Index fell 0.6 percent, or 18.7 points, to close at 2,966.75 points. Turnover dropped to 113 billion yuan(US$17 billion) from last Friday morning's 166 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, grew 1 percent to 1,309.6 points.
Commodity prices remained weak as the US Dollar Index stood at above 78, the same level before the dollar started to devalue on the US Federal Reserve's plan to print more money.
Low prices were also due to concerns that China's inflation may drive up interest rates, and thus hurt the country's economic growth and demand for the metals.
Jiangxi Copper Co shed 3.2 percent to 40.01 yuan. Yunnan Copper Co tumbled 8 percent to 27.20 yuan. Aluminum Corp of China fell 2.2 percent to 11.29 yuan.
Gold miners declined after gold prices fell to below US$1,370 per ounce. Shandong Gold Mining Group Co shed 3.9 percent to 58.49 yuan. Zijin Mining Co, China's largest gold producer, dropped 4.4 percent to 9.10 yuan.
Pharmaceutical companies led the gainers in small and medium caps. Shanghai Pharmaceuticals Holding Co climbed 4.3 percent to 23.80 yuan. Anhui Anke Biotechnology Group Co surged by daily limit of 10 percent to 24.98 yuan. Guizhou Yibai Pharmaceutical Co climbed 6 percent to 19.42 yuan.
Property developers gained modestly. China Vanke Co, China's largest property developer, added 0.2 percent to 8.55 yuan. Gemdale Corp edged up 0.5 percent to 6.17 yuan. China Merchants Property Development Co added 0.8 percent to 16.87 yuan.
The benchmark Shanghai Composite Index fell 0.6 percent, or 18.7 points, to close at 2,966.75 points. Turnover dropped to 113 billion yuan(US$17 billion) from last Friday morning's 166 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, grew 1 percent to 1,309.6 points.
Commodity prices remained weak as the US Dollar Index stood at above 78, the same level before the dollar started to devalue on the US Federal Reserve's plan to print more money.
Low prices were also due to concerns that China's inflation may drive up interest rates, and thus hurt the country's economic growth and demand for the metals.
Jiangxi Copper Co shed 3.2 percent to 40.01 yuan. Yunnan Copper Co tumbled 8 percent to 27.20 yuan. Aluminum Corp of China fell 2.2 percent to 11.29 yuan.
Gold miners declined after gold prices fell to below US$1,370 per ounce. Shandong Gold Mining Group Co shed 3.9 percent to 58.49 yuan. Zijin Mining Co, China's largest gold producer, dropped 4.4 percent to 9.10 yuan.
Pharmaceutical companies led the gainers in small and medium caps. Shanghai Pharmaceuticals Holding Co climbed 4.3 percent to 23.80 yuan. Anhui Anke Biotechnology Group Co surged by daily limit of 10 percent to 24.98 yuan. Guizhou Yibai Pharmaceutical Co climbed 6 percent to 19.42 yuan.
Property developers gained modestly. China Vanke Co, China's largest property developer, added 0.2 percent to 8.55 yuan. Gemdale Corp edged up 0.5 percent to 6.17 yuan. China Merchants Property Development Co added 0.8 percent to 16.87 yuan.
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