Index declines for 1st time in 3 days
By Staff Reporter |
March 30, 2011, Wednesday
|
Print Edition
Print Edition
SHANGHAI'S key stock index yesterday fell for the first time in three days amid profit-taking in gold miners and oil companies as global commodity prices declined and speculation on further tightening measures to tame inflation.
The Shanghai Composite Index erased morning gains and closed 0.9 percent lower at 2,958.08.
The People's Bank of China said on Monday that controlling inflation in the world's second-largest economy remains its main task.
The central bank may increase interest rates in April or the middle of this year as inflation continues to exceed the government's target, the China Securities Journal said in a front page editorial yesterday. Consumer prices may surge 6 percent in June and July, the editorial said.
Gold producers dimmed after the precious metal's prices fell in world markets as signs indicated that the recovering United States economy will erode demand for gold as an alternative investment.
Zhongjin Gold Corp sank 3.2 percent to 36.42 yuan (US$5.55), while Shandong Gold Mining Co tumbled 4.3 percent to 51.11 yuan.
PetroChina slid 1 percent to 11.87 yuan after a 3.2 percent increase last week, and Sinopec fell 1.4 percent to 8.54 yuan after rising 1.4 percent over the same period.
However, Tong Bin, an analyst at Guotai Junan Securities, said yesterday's decline was only temporary and would not obstruct the market's upward trend due to liquidity and also China's economy.
The market's decline didn't cast a cloud over banks which extended their recent rise on positive earnings.
Industrial Bank Co gained 2.7 percent to 29.39 yuan. The bank said its net profit soared 39.44 percent to 18.52 billion yuan last year. China Minsheng Banking Corp added 2.2 percent to 5.63 yuan.
Analysts estimated net profits at lenders may grow an average 30 percent, making them attractive investments.
The Shanghai Composite Index erased morning gains and closed 0.9 percent lower at 2,958.08.
The People's Bank of China said on Monday that controlling inflation in the world's second-largest economy remains its main task.
The central bank may increase interest rates in April or the middle of this year as inflation continues to exceed the government's target, the China Securities Journal said in a front page editorial yesterday. Consumer prices may surge 6 percent in June and July, the editorial said.
Gold producers dimmed after the precious metal's prices fell in world markets as signs indicated that the recovering United States economy will erode demand for gold as an alternative investment.
Zhongjin Gold Corp sank 3.2 percent to 36.42 yuan (US$5.55), while Shandong Gold Mining Co tumbled 4.3 percent to 51.11 yuan.
PetroChina slid 1 percent to 11.87 yuan after a 3.2 percent increase last week, and Sinopec fell 1.4 percent to 8.54 yuan after rising 1.4 percent over the same period.
However, Tong Bin, an analyst at Guotai Junan Securities, said yesterday's decline was only temporary and would not obstruct the market's upward trend due to liquidity and also China's economy.
The market's decline didn't cast a cloud over banks which extended their recent rise on positive earnings.
Industrial Bank Co gained 2.7 percent to 29.39 yuan. The bank said its net profit soared 39.44 percent to 18.52 billion yuan last year. China Minsheng Banking Corp added 2.2 percent to 5.63 yuan.
Analysts estimated net profits at lenders may grow an average 30 percent, making them attractive investments.
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