Index falls on jittery investors
By Lydia Chen |
March 11, 2011, Friday
|
Print Edition
Print Edition
SHANGHAI stocks declined yesterday for the first time in five trading days as investors took profits ahead of the release of February's economic data by the central government today.
The Shanghai Composite Index lost 1.5 percent to 2,957.14. Turnover edged up to 166 billion (US$25.25 billion) from Wednesday's 165 billion yuan.
Coal producers led decliners as global oil prices dropped. A gauge that tracks the performance of the coal mining industry showed the sector lost 3.67 percent.
Yanzhou Coal Mining Co sank 5.1 percent to 31.87 yuan. Guizhou Panjiang Refined Coal Co lost 5.8 percent to 37.02 yuan.
Liu Kai, an analyst at Guosen Securities Co, said the market was weak partly because Geng Liang, chairman of the Shanghai Stock Exchange, disclosed the bourse plans to list about 50 companies every year by 2015 - almost double the 26 firms listed last year.
Observers also attributed the index's drop to jitters among investors about China's economy in February. China is due to release inflation and gross domestic product data today.
China yesterday announced a surprise trade deficit in February of US$7.3 billion, the biggest in seven years and the first since March last year. The unexpected deficit impacted Asian markets which fell on concerns growth in emerging markets may start to slow.
The Shanghai Composite Index lost 1.5 percent to 2,957.14. Turnover edged up to 166 billion (US$25.25 billion) from Wednesday's 165 billion yuan.
Coal producers led decliners as global oil prices dropped. A gauge that tracks the performance of the coal mining industry showed the sector lost 3.67 percent.
Yanzhou Coal Mining Co sank 5.1 percent to 31.87 yuan. Guizhou Panjiang Refined Coal Co lost 5.8 percent to 37.02 yuan.
Liu Kai, an analyst at Guosen Securities Co, said the market was weak partly because Geng Liang, chairman of the Shanghai Stock Exchange, disclosed the bourse plans to list about 50 companies every year by 2015 - almost double the 26 firms listed last year.
Observers also attributed the index's drop to jitters among investors about China's economy in February. China is due to release inflation and gross domestic product data today.
China yesterday announced a surprise trade deficit in February of US$7.3 billion, the biggest in seven years and the first since March last year. The unexpected deficit impacted Asian markets which fell on concerns growth in emerging markets may start to slow.
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