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Falling commodity prices send Shanghai shares lower
By Ye Zhen |
May 16, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks fell today amid slumping commodity prices and renewed concern that Greece may leave the euro currency union.
The Shanghai Composite Index slumped 1.21 percent or 28.65 points to 2,346.19. Turnover stood at 74.2 billion yuan (US$11.8 billion) at the trading close.
Gold futures for June delivery dropped 1.6 percent to US$1,532.70 an ounce in New York, more than 20 percent below its record high. June-delivery crude lost US$1.85 to US$92.13 a barrel, the lowest intraday price since November.
The political deadlock in Greece heightened speculation that the debt-stricken country may be forced to leave the euro currency union, casting a shadow over the prolonged EU debt crisis and driving investors away from risky assets.
China Petroleum and Chemical Co, also known as Sinopec, and China's largest oil refiner, lost 0.9 percent to 6.94 yuan in Shanghai trading. PetroChina Co, the nation's second biggest oil refiner, fell 0.8 percent to 9.52 yuan.
Zijin Mining Group Co, the nation's largest gold producer, dropped 1.4 percent to 4.08 yuan.
Property developers slumped after the Shanghai government reaffirmed real estate restrictions will remain in place.
China Vanke, the nation's largest developer by market value, lost 3.4 percent to 8.61 yuan, while Gemdale Group fell 3.8 percent to close at 6.31 yuan. Poly Real Estate Group Co dropped 2.4 percent to 12.66 yuan.
Steelmakers declined on sliding steel prices across the country. Baoshan Iron and Steel Co, China's largest listed steel mill, shed 0.8 percent to 4.79 yuan. Wuhan Iron and Steel Co lost 0.7 percent to 2.81 yuan.
The Shanghai Composite Index slumped 1.21 percent or 28.65 points to 2,346.19. Turnover stood at 74.2 billion yuan (US$11.8 billion) at the trading close.
Gold futures for June delivery dropped 1.6 percent to US$1,532.70 an ounce in New York, more than 20 percent below its record high. June-delivery crude lost US$1.85 to US$92.13 a barrel, the lowest intraday price since November.
The political deadlock in Greece heightened speculation that the debt-stricken country may be forced to leave the euro currency union, casting a shadow over the prolonged EU debt crisis and driving investors away from risky assets.
China Petroleum and Chemical Co, also known as Sinopec, and China's largest oil refiner, lost 0.9 percent to 6.94 yuan in Shanghai trading. PetroChina Co, the nation's second biggest oil refiner, fell 0.8 percent to 9.52 yuan.
Zijin Mining Group Co, the nation's largest gold producer, dropped 1.4 percent to 4.08 yuan.
Property developers slumped after the Shanghai government reaffirmed real estate restrictions will remain in place.
China Vanke, the nation's largest developer by market value, lost 3.4 percent to 8.61 yuan, while Gemdale Group fell 3.8 percent to close at 6.31 yuan. Poly Real Estate Group Co dropped 2.4 percent to 12.66 yuan.
Steelmakers declined on sliding steel prices across the country. Baoshan Iron and Steel Co, China's largest listed steel mill, shed 0.8 percent to 4.79 yuan. Wuhan Iron and Steel Co lost 0.7 percent to 2.81 yuan.
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