Commodity shares pull key index lower
By Pan Xiaoyi |
February 5, 2010, Friday
|
Print Edition
Print Edition
SHANGHAI'S key stock index ended slightly lower yesterday, dragged down by commodity producers which suffered as metal and crude prices declined.
The Shanghai Composite Index dipped 0.28 percent, or 8.53 points, to close at 2,995.31. Turnover shrank to 114.6 billion yuan (US$16.9 billion) from 119 billion yuan on Wednesday.
"The resources sectors will be under pressure this year as they have been overvalued in the bull market in 2009 and a possible tighter monetary policy is seen to weigh on commodity prices further," said Kang Hongtao, an analyst with Guoyuan Securities Co.
Aluminum Corp of China, the nation's biggest maker of the metal, fell 1.7 percent to 12.53 yuan. Jiangxi Copper Co lost 2.8 percent to 34.64 yuan and Baoshan Iron & Steel Co eased 0.5 percent to 7.6 yuan. Angang Steel Co slid 2.2 percent to 11.64 yuan and Wuhan Iron & Steel Co shed 0.9 percent to 6.71 yuan.
PetroChina, the index's biggest component, lost 1 percent to 12.91 yuan while Sinopec, Asia's largest oil refiner, fell 1.3 percent to 11.19 yuan.
Hotel and tourism shares rose on hopes of a travel boom ahead of the Spring Festival which falls on February 14. Shanghai Jinjiang International Hotels Development Co rose 3.4 percent to 26.36 yuan and China United Travel Co surged 7.6 percent to 7.1 yuan.
The Shanghai Composite Index dipped 0.28 percent, or 8.53 points, to close at 2,995.31. Turnover shrank to 114.6 billion yuan (US$16.9 billion) from 119 billion yuan on Wednesday.
"The resources sectors will be under pressure this year as they have been overvalued in the bull market in 2009 and a possible tighter monetary policy is seen to weigh on commodity prices further," said Kang Hongtao, an analyst with Guoyuan Securities Co.
Aluminum Corp of China, the nation's biggest maker of the metal, fell 1.7 percent to 12.53 yuan. Jiangxi Copper Co lost 2.8 percent to 34.64 yuan and Baoshan Iron & Steel Co eased 0.5 percent to 7.6 yuan. Angang Steel Co slid 2.2 percent to 11.64 yuan and Wuhan Iron & Steel Co shed 0.9 percent to 6.71 yuan.
PetroChina, the index's biggest component, lost 1 percent to 12.91 yuan while Sinopec, Asia's largest oil refiner, fell 1.3 percent to 11.19 yuan.
Hotel and tourism shares rose on hopes of a travel boom ahead of the Spring Festival which falls on February 14. Shanghai Jinjiang International Hotels Development Co rose 3.4 percent to 26.36 yuan and China United Travel Co surged 7.6 percent to 7.1 yuan.
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