Index records worst slump in 2 weeks
By Hu Xiaocen |
November 9, 2012, Friday
|
Print Edition
Print Edition
SHANGHAI stocks fell yesterday for the fourth straight day, the worst slump in two weeks as investor turned their focus to the 18th National Congress of the Communist Party of China for sign of any policy direction.
The Shanghai Composite Index stumbled 1.63 percent to 2,071.51 points.
"The market is likely to see the falling trend extend in the next few days," Cheng Yimin, a senior securities analyst at China Post Securities, said, adding that private investors should trim their holdings.
He said that investors are eying the congress hoping to pick up investment directions. "Some investors are eager to get ahead in emerging industries that will be backed by new government policies to be announced after the meeting," he added.
Oil refiners, coal firms and metal producers fell as commodity prices declined on growing fears that economic uncertainty in the US and Europe will hit demand for their products.
China Petroleum and Chemical Corp, the nation's largest oil refiner, lost 1.6 percent to 6.30 yuan (US$1.01). PetroChina Co, the second-biggest player, shed 1.1 percent to 8.72 yuan.
China Shenhua Energy Co, the nation's biggest coal producer, declined 2.3 percent to 22.65 yuan while Yanzhou Coal Mining Co sank 3.3 percent to 17.48 yuan. China's biggest gold miner, Zijin Mining Group Co, shrank 2.3 percent to close at 3.83 yuan.
The Shanghai Composite Index stumbled 1.63 percent to 2,071.51 points.
"The market is likely to see the falling trend extend in the next few days," Cheng Yimin, a senior securities analyst at China Post Securities, said, adding that private investors should trim their holdings.
He said that investors are eying the congress hoping to pick up investment directions. "Some investors are eager to get ahead in emerging industries that will be backed by new government policies to be announced after the meeting," he added.
Oil refiners, coal firms and metal producers fell as commodity prices declined on growing fears that economic uncertainty in the US and Europe will hit demand for their products.
China Petroleum and Chemical Corp, the nation's largest oil refiner, lost 1.6 percent to 6.30 yuan (US$1.01). PetroChina Co, the second-biggest player, shed 1.1 percent to 8.72 yuan.
China Shenhua Energy Co, the nation's biggest coal producer, declined 2.3 percent to 22.65 yuan while Yanzhou Coal Mining Co sank 3.3 percent to 17.48 yuan. China's biggest gold miner, Zijin Mining Group Co, shrank 2.3 percent to close at 3.83 yuan.
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