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Commodity issues pace Shanghai index drop
By Feng Jianmin |
October 27, 2010, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index fell today on a stronger US dollar as losses made by commodity producers offset gains in the pharmaceutical and property sectors.
The benchmark Shanghai Composite Index lost 1.5 percent, or 44.5 points, to close at 2997. Turnover fell to 230 billion yuan (US$34.3 billion) from yesterday's 260 billion yuan.
The Shenzhen Component Index, which tracks the smaller market in southern China, fell 2 percent to 13,452.2.
Coal, gold and metal producers lost after the US dollar rose to 6.69 yuan and 81.9 yen, driving commodity prices lower on the global market. Yunnan Copper Co lost 4.8 percent to 28.67 yuan. Shandong Gold Mining Group Co lost 4 percent to 60.04 yuan despite that it reported today its net profit increased 122 percent in the first three quarters from last year. Datong Coal Industry Co shed 3.9 percent to 25.56 yuan.
Drug makers outperformed after three cases were found in the Chinese mainland to be infected by a drug-resistant "super virus." Anhui Anke Biotechnology Group Co grew 1.3 percent to 23.33 yuan. Shenzhen Neptunus Bioengineering Co added 1.3 percent to 14.46 yuan. Chongqing Lummy Pharmaceutical Co rose 1.4 percent to 28.30 yuan.
Property developers gained after central bank said that new loans to the property sector grew 32.9 percent from last year, 5.2 percentage points lower than the growth rate last year. China Vanke grew 2.6 percent to 9.72 yuan. Poly Real Estate Co went up 1 percent to 14.79 yuan. China Merchants Property Development Co also rose 1 percent to 19.31 yuan.
The benchmark Shanghai Composite Index lost 1.5 percent, or 44.5 points, to close at 2997. Turnover fell to 230 billion yuan (US$34.3 billion) from yesterday's 260 billion yuan.
The Shenzhen Component Index, which tracks the smaller market in southern China, fell 2 percent to 13,452.2.
Coal, gold and metal producers lost after the US dollar rose to 6.69 yuan and 81.9 yen, driving commodity prices lower on the global market. Yunnan Copper Co lost 4.8 percent to 28.67 yuan. Shandong Gold Mining Group Co lost 4 percent to 60.04 yuan despite that it reported today its net profit increased 122 percent in the first three quarters from last year. Datong Coal Industry Co shed 3.9 percent to 25.56 yuan.
Drug makers outperformed after three cases were found in the Chinese mainland to be infected by a drug-resistant "super virus." Anhui Anke Biotechnology Group Co grew 1.3 percent to 23.33 yuan. Shenzhen Neptunus Bioengineering Co added 1.3 percent to 14.46 yuan. Chongqing Lummy Pharmaceutical Co rose 1.4 percent to 28.30 yuan.
Property developers gained after central bank said that new loans to the property sector grew 32.9 percent from last year, 5.2 percentage points lower than the growth rate last year. China Vanke grew 2.6 percent to 9.72 yuan. Poly Real Estate Co went up 1 percent to 14.79 yuan. China Merchants Property Development Co also rose 1 percent to 19.31 yuan.
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