Commodity shares send index to end lower
By Feng Jianmin |
October 27, 2010, Wednesday
|
Print Edition
Print Edition
SHANGHAI'S key stock index closed slightly lower yesterday, led by metals firms and gold miners, while oil producers were mixed after China raised fuel prices.
The Shanghai Composite Index dipped 0.32 percent, or nearly 10 points, to close at 3,041.5. Turnover stood at 260 billion yuan (US$23 billion), slightly higher than Monday's 252 billion yuan.
The National Development and Reform Commission, China's top planner, raised the price of gasoline by 0.17 yuan a liter and diesel by 0.19 yuan a liter. The hikes reflect higher crude costs and bring prices back to the level before the NDRC cut them in June.
PetroChina, the country's biggest oil producer, grew 1 percent to 11.56 yuan. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, dipped 0.54 percent to close at 9.17 yuan.
Market watchers were divided over whether the modest rise in fuel prices will accelerate inflation.
"The market needs a correction after previous gains," said Luo Renyuan, an analyst with Industrial Securities. "Inflation in global markets is likely to continue, but domestic stock prices may instead fluctuate on jitters about economic outlook and the Chinese government's attitude toward high prices and liquidity."
Gold miners and copper producers fell after prices for the metals dipped on the New York and London markets. Jiangxi Copper Co dropped 3.6 percent to settle at 46.96 yuan. Zijin Mining Group Co, China's largest gold producer, declined 2.8 percent to finish at 10.30 yuan.
The Shanghai Composite Index dipped 0.32 percent, or nearly 10 points, to close at 3,041.5. Turnover stood at 260 billion yuan (US$23 billion), slightly higher than Monday's 252 billion yuan.
The National Development and Reform Commission, China's top planner, raised the price of gasoline by 0.17 yuan a liter and diesel by 0.19 yuan a liter. The hikes reflect higher crude costs and bring prices back to the level before the NDRC cut them in June.
PetroChina, the country's biggest oil producer, grew 1 percent to 11.56 yuan. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, dipped 0.54 percent to close at 9.17 yuan.
Market watchers were divided over whether the modest rise in fuel prices will accelerate inflation.
"The market needs a correction after previous gains," said Luo Renyuan, an analyst with Industrial Securities. "Inflation in global markets is likely to continue, but domestic stock prices may instead fluctuate on jitters about economic outlook and the Chinese government's attitude toward high prices and liquidity."
Gold miners and copper producers fell after prices for the metals dipped on the New York and London markets. Jiangxi Copper Co dropped 3.6 percent to settle at 46.96 yuan. Zijin Mining Group Co, China's largest gold producer, declined 2.8 percent to finish at 10.30 yuan.
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