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Growth concerns bear down on stocks
By Feng Jianmin |
October 20, 2011, Thursday
|
Online Edition
Online Edition
SHANGHAI'S key stock index dropped in the morning session, led by metal producers.
The benchmark Shanghai Composite Index lost 1.95 percent to 2,331.24 points. Turnover fell to 31.6 billion yuan (US$5 billion) from yesterday morning's 33.2 billion yuan.
Metal producers dropped after metal prices tumbled in Shanghai. Copper futures for January delivery slid 6 percent to 50,950 yuan per ton, and the three-month aluminum delivery also fell 2.4 percent on growth concerns.
Aluminum inventories in China, the largest user, rebounded 30 percent in three weeks on slower trading along with the country's economic growth, according to Guangzhou KT Commodity Information & Consulting Co.
Jiangxi Copper Co shed 4.2 percent to 25.27 yuan. Aluminum Corp of China trailed 4.2 percent to 25.27 yuan.
Property developers and banks were weak after the China Bank Regulatory Commission said that banks could stand a drop of 40 percent in home prices - affirming speculation that home prices are bound to fall.
China Vanke, China's largest property developer, fell 2.4 percent to 6.93 yuan. Bank of China was down 1.3 percent to 2.95 yuan.
The benchmark Shanghai Composite Index lost 1.95 percent to 2,331.24 points. Turnover fell to 31.6 billion yuan (US$5 billion) from yesterday morning's 33.2 billion yuan.
Metal producers dropped after metal prices tumbled in Shanghai. Copper futures for January delivery slid 6 percent to 50,950 yuan per ton, and the three-month aluminum delivery also fell 2.4 percent on growth concerns.
Aluminum inventories in China, the largest user, rebounded 30 percent in three weeks on slower trading along with the country's economic growth, according to Guangzhou KT Commodity Information & Consulting Co.
Jiangxi Copper Co shed 4.2 percent to 25.27 yuan. Aluminum Corp of China trailed 4.2 percent to 25.27 yuan.
Property developers and banks were weak after the China Bank Regulatory Commission said that banks could stand a drop of 40 percent in home prices - affirming speculation that home prices are bound to fall.
China Vanke, China's largest property developer, fell 2.4 percent to 6.93 yuan. Bank of China was down 1.3 percent to 2.95 yuan.
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