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Gold and metal producers lead Shanghai index down
By Feng Jianmin |
12:25 UTC+8 January 5, 2011
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Online Edition
Online Edition
SHANGHAI'S key stock index fell for the first time in five trading days, as gold miners and metal producers led the decliners after commodity prices slumped overnight.
The Shanghai Composite Index dipped 0.34 percent, or 9.78 points, to 2,842.87. Turnover fell to 76.3 billion yuan (US$11.5 billion) from yesterday morning's 83.9 billion yuan.
The Shenzhen Composite Index, which tracks the smaller market on Chinese mainland, was down 0.05 percent at 1,310.62.
Investors abruptly sold commodities last night on "profit taking," according to market watchers. Gold fell 3 percent to around US$1,381 per ounce in New York and oil dropped 2.4 percent from a 27-month high to below US$90 a barrel. Copper was off 2 percent in London. Future prices in Shanghai followed the declines.
Jiangxi Copper Co dropped 2.4 percent to 44.85 yuan. Shandong Gold Mining Co, China's third largest gold producer, shed 4.3 percent to 50.70 yuan. PetroChina Co, China's largest oil producer, fell 1.2 percent to 11.25 yuan.
Banks were mixed on worries of earnings after media reported that China's central bank will examine lending and capital levels at domestic banks each month to determine reserve requirements for individual lenders.
Bank of China lost 0.9 percent to 3.23 yuan. Agricultural Bank of China was down 1.1 percent to 2.64 yuan. Shanghai Pudong Development Bank rose 1.4 percent to 12.78 yuan after the bank said yesterday that it expected profit in 2010 to grow 45.7 percent to 19 billion yuan.
Firms related to high-speed railway led the gainers after Liu Zhijun, head of the railway bureau, said yesterday that China would add around 5,000 kilometers of high speed railway in 2011 to the current length of around 8,400 kilometers. China CNR Corp, a major carriage builder, jumped 4.4 percent to 8.14 yuan. China Railway Construction Corp rose 1.7 percent to 7.01 yuan.
The Shanghai Composite Index dipped 0.34 percent, or 9.78 points, to 2,842.87. Turnover fell to 76.3 billion yuan (US$11.5 billion) from yesterday morning's 83.9 billion yuan.
The Shenzhen Composite Index, which tracks the smaller market on Chinese mainland, was down 0.05 percent at 1,310.62.
Investors abruptly sold commodities last night on "profit taking," according to market watchers. Gold fell 3 percent to around US$1,381 per ounce in New York and oil dropped 2.4 percent from a 27-month high to below US$90 a barrel. Copper was off 2 percent in London. Future prices in Shanghai followed the declines.
Jiangxi Copper Co dropped 2.4 percent to 44.85 yuan. Shandong Gold Mining Co, China's third largest gold producer, shed 4.3 percent to 50.70 yuan. PetroChina Co, China's largest oil producer, fell 1.2 percent to 11.25 yuan.
Banks were mixed on worries of earnings after media reported that China's central bank will examine lending and capital levels at domestic banks each month to determine reserve requirements for individual lenders.
Bank of China lost 0.9 percent to 3.23 yuan. Agricultural Bank of China was down 1.1 percent to 2.64 yuan. Shanghai Pudong Development Bank rose 1.4 percent to 12.78 yuan after the bank said yesterday that it expected profit in 2010 to grow 45.7 percent to 19 billion yuan.
Firms related to high-speed railway led the gainers after Liu Zhijun, head of the railway bureau, said yesterday that China would add around 5,000 kilometers of high speed railway in 2011 to the current length of around 8,400 kilometers. China CNR Corp, a major carriage builder, jumped 4.4 percent to 8.14 yuan. China Railway Construction Corp rose 1.7 percent to 7.01 yuan.
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