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Index down 0.3% as investors wait for vote result
By Ye Zhen |
November 7, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks ended the morning session slightly lower as investors adopt a cautious stance before the result of the US presidential election today.
The key Shanghai Composite Index lost 0.3 percent to 2,099.65 points. Turnover stood at 23.6 billion yuan (US$3.8 billion) by the noon break.
Investors are waiting to see how the US presidential election result will affect America's relationship with China, analysts said.
Brokerages led the decline among financial stocks. CITIC Securities, China's biggest listed brokerage, lost 0.9 percent to 11.17 yuan. Sinolink Securities Co shed 0.5 percent to 16.25 yuan. Founder Securities Co fell 1.8 percent to 4.27 yuan.
Ping An Insurance Co, China's second largest insurer, lost 0.6 percent to 38.89 yuan after its three big shareholders said they will gradually reduce their holdings in the insurer in the next five years. China Life Insurance, the country's biggest insurer, dropped 1.1 percent to 18.20 yuan. China Pacific Insurance (Group) Co slipped 0.9 percent to 18.22 yuan.
Oil-related stocks fell as the government is likely to cut retail prices for both gasoline and diesel by 300 yuan a ton on Friday. China Petroleum and Chemical Co, the nation's largest oil refiner, skid 0.3 percent to 6.34 yuan. PetroChina Co, the second biggest player, edged down 0.3 percent to 8.75 yuan.
Non-ferrous metals producers gained against the falling index. Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, jumped 5 percent to 33.59 yuan. Rising Nonferrous Metals Share Co advanced 4.5 percent to 43.99 yuan.
Gold stocks also gained after the gold price climbed for a third day as investors believed Obama's victory will bring more stimulus measures to spur economic growth. Zijin Mining Group Co, the nation's largest gold producer, added 0.5 percent to 3.89 yuan. Shandong Gold Mining Co rose 2.8 percent to 38.65 yuan. Zhongjin Gold Corp climbed 1.6 percent to 16.32 yuan.
The key Shanghai Composite Index lost 0.3 percent to 2,099.65 points. Turnover stood at 23.6 billion yuan (US$3.8 billion) by the noon break.
Investors are waiting to see how the US presidential election result will affect America's relationship with China, analysts said.
Brokerages led the decline among financial stocks. CITIC Securities, China's biggest listed brokerage, lost 0.9 percent to 11.17 yuan. Sinolink Securities Co shed 0.5 percent to 16.25 yuan. Founder Securities Co fell 1.8 percent to 4.27 yuan.
Ping An Insurance Co, China's second largest insurer, lost 0.6 percent to 38.89 yuan after its three big shareholders said they will gradually reduce their holdings in the insurer in the next five years. China Life Insurance, the country's biggest insurer, dropped 1.1 percent to 18.20 yuan. China Pacific Insurance (Group) Co slipped 0.9 percent to 18.22 yuan.
Oil-related stocks fell as the government is likely to cut retail prices for both gasoline and diesel by 300 yuan a ton on Friday. China Petroleum and Chemical Co, the nation's largest oil refiner, skid 0.3 percent to 6.34 yuan. PetroChina Co, the second biggest player, edged down 0.3 percent to 8.75 yuan.
Non-ferrous metals producers gained against the falling index. Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, jumped 5 percent to 33.59 yuan. Rising Nonferrous Metals Share Co advanced 4.5 percent to 43.99 yuan.
Gold stocks also gained after the gold price climbed for a third day as investors believed Obama's victory will bring more stimulus measures to spur economic growth. Zijin Mining Group Co, the nation's largest gold producer, added 0.5 percent to 3.89 yuan. Shandong Gold Mining Co rose 2.8 percent to 38.65 yuan. Zhongjin Gold Corp climbed 1.6 percent to 16.32 yuan.
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