Commodity firms lead local shares lower
By Feng Jianmin |
January 6, 2011, Thursday
|
Print Edition
Print Edition
SHANGHAI'S key stock index yesterday fell for the first time in five trading days as gold miners and metal producers led the declines after commodity prices dropped overnight.
The Shanghai Composite Index lost 0.5 percent, or 14.06 points, to 2,838.59. Turnover fell to 136.6 billion yuan (US$11.5 billion) from Tuesday's 147 billion yuan.
"Today's adjustment was minor," Lianxun Securities wrote in a note. "The decline is likely insignificant as liquidity is relatively abundant."
Most commodity producers declined as copper and gold prices dropped in Shanghai. The April contract for delivery of copper fell 1.7 percent to 71,280 yuan per ton while gold for June delivery fell 2.6 percent.
Overseas commodity prices dropped overnight on Tuesday as investors took profits, industry analysts said.
Jiangxi Copper Co lost 2.1 percent to 44.97 yuan. Shandong Gold Mining Co, China's third-largest gold producer, shed 4.4 percent to 50.66 yuan.
PetroChina Co, the country's largest oil producer, fell 1.3 percent to 11.24 yuan after the price of oil dropped from a 27-month high to US$89 a barrel in New York.
But coal miners gained on speculation that prices may rise after coal production in Australia, which accounts for about a third of the world's total, was severely damaged by flooding. Datong Coal Industry Co rose 1.1 percent to 21.71 yuan.
Banks were mixed on earnings worries after media reports said lenders are preparing for tighter regulatory policies.
China Securities Journal yesterday reported the central bank will examine lending and capital levels at domestic banks each month to determine reserve requirements for each lender.
Bank of China lost 0.9 percent to 3.23 yuan. Agricultural Bank of China was down 1.5 percent to 2.63 yuan.
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