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Commodity market tumbles spook Shanghai stocks
By Lydia Chen |
May 6, 2011, Friday
|
Online Edition
Online Edition
SHANGHAI stock market extended losses in the morning session, led by tumbling mining-related shares amid investors' selling in global commodity markets.
The Shanghai Composite Index lost 0.23 percent to 2,865.76. Turnover stood at 57.64 billion yuan (US$8.87 billion).
The mining industry index suffered a drop of 1.66 percent, the most among all sectors.
Zhongjin Gold Co skipped 3.19 percent to 33.15 yuan. PetroChina, the country's biggest oil maker and one of the largest heavyweight components in the market, lost 1.67 percent to 11.21 yuan.
In a slide reminiscent of the steep sell-offs in the wake of the 2008 financial crisis, Brent crude oil dived a record US$12 a barrel, natural gas dropped over 7 percent and silver, whose earlier losses were a catalyst for the slide, slumped by nearly US$5, its biggest one-day dive since 1980. Gold fell 2.6 percent, according to Reuters.
Electricity producers, however, were among top performers in the morning session as the State Electricity Regulatory Commission warned that the world's second largest economy is very likely to face a large-scale energy shortage this summer.
Huaneng Power International Co jumped 2.23 percent to 6.43 yuan. GD Power Development Co added 1.18 percent to 3.42 yuan.
The Shanghai Composite Index lost 0.23 percent to 2,865.76. Turnover stood at 57.64 billion yuan (US$8.87 billion).
The mining industry index suffered a drop of 1.66 percent, the most among all sectors.
Zhongjin Gold Co skipped 3.19 percent to 33.15 yuan. PetroChina, the country's biggest oil maker and one of the largest heavyweight components in the market, lost 1.67 percent to 11.21 yuan.
In a slide reminiscent of the steep sell-offs in the wake of the 2008 financial crisis, Brent crude oil dived a record US$12 a barrel, natural gas dropped over 7 percent and silver, whose earlier losses were a catalyst for the slide, slumped by nearly US$5, its biggest one-day dive since 1980. Gold fell 2.6 percent, according to Reuters.
Electricity producers, however, were among top performers in the morning session as the State Electricity Regulatory Commission warned that the world's second largest economy is very likely to face a large-scale energy shortage this summer.
Huaneng Power International Co jumped 2.23 percent to 6.43 yuan. GD Power Development Co added 1.18 percent to 3.42 yuan.
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