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Index falls as investors take their profit

SHANGHAI'S key stock index fell by the most in a week yesterday as investors took profits amid concern the economic situation would hurt earnings.

The Shanghai Composite Index dropped 1.19 percent, or 30.20 points, to close at 2,503.93 points. Turnover was 157.6 billion yuan (US$23 billion).

China Eastern Airlines Corp posted a loss of 13.9 billion yuan for 2008. Its shares fell 4.92 percent to 5.61 yuan. Hainan Airlines dropped 3.51 percent to 5.78 yuan.

Baoshan Iron & Steel Co lost 3.10 percent to 5.93 yuan on concern slowing economic growth would hurt demand. Inner Mongolian Baotou Steel Union Co Ltd was down 3.35 percent to 3.75 yuan. Angang Steel Co Ltd fell 4.68 percent to 8.96 yuan.

"The index still has potential to climb after the adjustment and it may remain between 2,500 and 2,600 points in the near future," a research note by United Securities said.

Jiangxi Copper fell 5.11 percent to 25.25 yuan after copper dropped 1.4 percent in New York. Zhongjin Gold fell 4.35 percent to 55.16 yuan.

Huadian Power International Corp said its first-quarter electricity generation was 24.22 million megawatt-hours. The stock was up 0.81 percent to 4.95 yuan.

Brokerages were among the gainers. Sinolink Securities advanced 4.78 percent to 43.00 yuan, Guoyuan Securities rose 2.91 percent to 17.69 yuan and Pacific Securities Co Ltd gained 2.86 percent to 16.52 yuan.


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