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Gold miners and developers drop in Shanghai
By Feng Jianmin |
December 8, 2010, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index fell in the morning session led by gold miners and property developers. Railway builders gained.
The Shanghai Composite Index dipped 0.5 percent, or 13.8 points, to 2,862. Turnover rose to 64.1 billion yuan (US$ 9.6 billion) from yesterday morning's 49.8 billion yuan.
The Shenzhen Composite Index, which tracks the smaller market in southern China, was up 0.1 percent to 1,310.71 points.
Gold miners dropped as gold bullion prices dropped to abound US$1,390 an ounce from a record US$1,426. Shandong Gold Mining Co dropped 3.1 percent to 56.12 yuan. Zhongjin Gold Corp fell 3 percent to 41.30 yuan.
Property developers fell after a report by China Academy of Social Science said that homes in 35 mainland cities are on average overpriced by nearly 30 percent. China Vanke, China's biggest property developer, fell 1.2 percent to 8.56 yuan. CFOCO Property Co dropped 1.5 percent to 6.60 yuan.
Railway builders led the gainers after China's Vice Premier Zhang Dejiang said yesterday the government would lend more support in fund, land, technology innovation and business environment to high speed railway development. China Railway Erju Co climbed 3.5 percent to 9.36 yuan. CSR Corp, a leading carriage builder in southern China, jumped 5.6 percent to 7.59 yuan.
The Shanghai Composite Index dipped 0.5 percent, or 13.8 points, to 2,862. Turnover rose to 64.1 billion yuan (US$ 9.6 billion) from yesterday morning's 49.8 billion yuan.
The Shenzhen Composite Index, which tracks the smaller market in southern China, was up 0.1 percent to 1,310.71 points.
Gold miners dropped as gold bullion prices dropped to abound US$1,390 an ounce from a record US$1,426. Shandong Gold Mining Co dropped 3.1 percent to 56.12 yuan. Zhongjin Gold Corp fell 3 percent to 41.30 yuan.
Property developers fell after a report by China Academy of Social Science said that homes in 35 mainland cities are on average overpriced by nearly 30 percent. China Vanke, China's biggest property developer, fell 1.2 percent to 8.56 yuan. CFOCO Property Co dropped 1.5 percent to 6.60 yuan.
Railway builders led the gainers after China's Vice Premier Zhang Dejiang said yesterday the government would lend more support in fund, land, technology innovation and business environment to high speed railway development. China Railway Erju Co climbed 3.5 percent to 9.36 yuan. CSR Corp, a leading carriage builder in southern China, jumped 5.6 percent to 7.59 yuan.
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