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Gold, metal stocks pull market down
By Feng Jianmin |
16:38 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 edged down 0.5 percent, or 14.06 points, to 2,838.59. Turnover fell to 136.6 billion yuan (US$11.5 billion) from yesterday's 147 billion yuan.
The Shenzhen Composite Index, which tracks the smaller market on Chinese mainland, was almost unchanged at 1,310.14.
Commodity producers dropped as copper and gold prices dropped in Shanghai. The most traded April delivery of copper fell 1.7 percent to 71,280 yuan per ton, while gold for June delivery fell 2.6 percent.
Commodity prices dropped overnight on overseas market as investors abruptly sold their stockpile on profit taking, industry analysts said.
Jiangxi Copper Co lost 2.1 percent to 44.97 yuan. Shandong Gold Mining Co, China's third largest gold producer, shed 4.4 percent to 50.66 yuan.
PetroChina Co, China's largest oil producer, fell 1.3 percent to 11.24 yuan after oil price dropped from a 27-month high to US$89 a barrel in New York.
But coal miners gained on speculation that prices may rise after coal production in Australia, world's largest coal exporter, was severely damaged by flood. Datong Coal Industry Co rose 1.1 percent to 21.71 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 1.5 percent to 2.63 yuan. Shanghai Pudong Development Bank rose 0.8 percent to 12.71 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, China's Railway Minister, 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 3.3 percent to 8.06 yuan. China Railway Construction Corp rose 1.6 percent to 7 yuan.
The Shanghai Composite Index edged down 0.5 percent, or 14.06 points, to 2,838.59. Turnover fell to 136.6 billion yuan (US$11.5 billion) from yesterday's 147 billion yuan.
The Shenzhen Composite Index, which tracks the smaller market on Chinese mainland, was almost unchanged at 1,310.14.
Commodity producers dropped as copper and gold prices dropped in Shanghai. The most traded April delivery of copper fell 1.7 percent to 71,280 yuan per ton, while gold for June delivery fell 2.6 percent.
Commodity prices dropped overnight on overseas market as investors abruptly sold their stockpile on profit taking, industry analysts said.
Jiangxi Copper Co lost 2.1 percent to 44.97 yuan. Shandong Gold Mining Co, China's third largest gold producer, shed 4.4 percent to 50.66 yuan.
PetroChina Co, China's largest oil producer, fell 1.3 percent to 11.24 yuan after oil price dropped from a 27-month high to US$89 a barrel in New York.
But coal miners gained on speculation that prices may rise after coal production in Australia, world's largest coal exporter, was severely damaged by flood. Datong Coal Industry Co rose 1.1 percent to 21.71 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 1.5 percent to 2.63 yuan. Shanghai Pudong Development Bank rose 0.8 percent to 12.71 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, China's Railway Minister, 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 3.3 percent to 8.06 yuan. China Railway Construction Corp rose 1.6 percent to 7 yuan.
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