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Gold miners rise in Shanghai while insurers drop
By Feng Jianmin |
August 3, 2011, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index was almost unchanged yesterday as gains in the gold sector were offset by losses of insurers.
The benchmark Shanghai Composite Index edged down 0.03 percent to 2,678.68 points. Turnover dipped to 74 billion yuan (US$11.5 billion) from yesterday's78.8 billion yuan.
Gold miners led the gainers after gold bullion prices rose 2.6 percent on Monday to reach a record US$1,660 per ounce on concerns over European debt crisis and a slowdown outlook for the US economy.
Shandong Gold Mining Co rose 2.9 percent to 49.45 yuan. Zhongjin Mining Co similarly added 2.8 percent to 28.89 yuan.
Insurers dropped after regulator said that insurance penetration in China is less than half of the world's average.
China Pacific Insurance Co lost 1 percent to 20.80 yuan. Ping An Insurance Group Co edged down 0.7 percent to 44.05 yuan.
The benchmark Shanghai Composite Index edged down 0.03 percent to 2,678.68 points. Turnover dipped to 74 billion yuan (US$11.5 billion) from yesterday's78.8 billion yuan.
Gold miners led the gainers after gold bullion prices rose 2.6 percent on Monday to reach a record US$1,660 per ounce on concerns over European debt crisis and a slowdown outlook for the US economy.
Shandong Gold Mining Co rose 2.9 percent to 49.45 yuan. Zhongjin Mining Co similarly added 2.8 percent to 28.89 yuan.
Insurers dropped after regulator said that insurance penetration in China is less than half of the world's average.
China Pacific Insurance Co lost 1 percent to 20.80 yuan. Ping An Insurance Group Co edged down 0.7 percent to 44.05 yuan.
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