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Crop counters pull Shanghai index slightly lower
By Lydia Chen |
February 11, 2011, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock index traded slightly lower this morning as profit-taking snapped a two day rally among agriculture shares amid China's worsening drought.
The Shanghai Composite Index dipped 0.09 percent to close at 2,815.61 by the noon break. Turnover continued to expand to 74.66 billion yuan (US$11.35 billion) from yesterday morning's 58.29 billion yuan.
Crop firms, which led the market down this morning, had been the most active sector in the past two trading days after the central government pledges to increase industry supports to guarantee wheat production in face of the worst drought in 200 years.
Among the worst 10 performers this morning, five were from the agriculture sector. Gansu Dunhuang Seed Co paced the fall among its industry peers with a loss of 3.63 percent to 34 yuan. Xinjiang Guannong Fruit & Antler Group Co shed 2.66 percent to 24.90 yuan.
Construction-related shares, on the other hand, bounced back from previous losses, making it one of the strongest sectors this morning.
Shanghai Pudong Road-Bridge Construction Co jumped 9.16 percent to 20.02 yuan. Huaxin Cement Co added 6.47 percent to 32.90 yuan.
The Shanghai Composite Index dipped 0.09 percent to close at 2,815.61 by the noon break. Turnover continued to expand to 74.66 billion yuan (US$11.35 billion) from yesterday morning's 58.29 billion yuan.
Crop firms, which led the market down this morning, had been the most active sector in the past two trading days after the central government pledges to increase industry supports to guarantee wheat production in face of the worst drought in 200 years.
Among the worst 10 performers this morning, five were from the agriculture sector. Gansu Dunhuang Seed Co paced the fall among its industry peers with a loss of 3.63 percent to 34 yuan. Xinjiang Guannong Fruit & Antler Group Co shed 2.66 percent to 24.90 yuan.
Construction-related shares, on the other hand, bounced back from previous losses, making it one of the strongest sectors this morning.
Shanghai Pudong Road-Bridge Construction Co jumped 9.16 percent to 20.02 yuan. Huaxin Cement Co added 6.47 percent to 32.90 yuan.
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