Index's biggest fall in 6 weeks
By Feng Jianmin |
October 28, 2010, Thursday
|
Print Edition
Print Edition
SHANGHAI'S key stock index yesterday fell by the most in six weeks as commodity producers declined due to a stronger US dollar. Pharmaceutical shares and property firms gained.
The Shanghai Composite Index lost 1.5 percent, or 44.5 points, to close at 2,997.05, the biggest decline since September 16. Turnover fell to 230 billion yuan (US$34.4 billion) from Tuesday's 260 billion yuan.
"The US dollar will continue to depreciate till the end of this year, but at a slower rate," said Cui Rong, an analyst with Guosen Securities. "We expect the US government may invest from US$500 billion to US$600 billion over several months, which would be a much smaller amount compared to the one-time US$1.8 trillion debt purchasing during the financial crisis."
Coal, gold and metal producers lost after the US dollar rose to 6.69 yuan and 81.90 yen, driving commodity prices lower in global markets.
Shandong Gold Mining Group Co lost 4 percent to 60.04 yuan despite reporting yesterday its net profit jumped 122 percent in the first three quarters from last year. Datong Coal Industry Co shed 3.9 percent to 25.56 yuan. Jiangxi Copper, China's biggest producer of the metal, lost 3.8 percent to 45.16 yuan.
Drug makers outperformed after three cases were found in the Chinese mainland to be infected by a breed of drug-resistant "super virus."
Jiangsu Lianhuan Pharmaceutical Co jumped by the 10 percent daily cap to 25.30 yuan. China National Medicines Corp rose 2.1 percent to 23.79 percent.
Property shares rose after the central bank said new loans to the sector grew 32.9 percent from last year, 5.2 percentage points lower than the growth rate last year.
Poly Real Estate Co, China's second-largest listed property firm, gained 1 percent to 14.79 yuan. Beijing Huaye Real Estate Co rose 4 percent to 8.31 yuan.
The Shanghai Composite Index lost 1.5 percent, or 44.5 points, to close at 2,997.05, the biggest decline since September 16. Turnover fell to 230 billion yuan (US$34.4 billion) from Tuesday's 260 billion yuan.
"The US dollar will continue to depreciate till the end of this year, but at a slower rate," said Cui Rong, an analyst with Guosen Securities. "We expect the US government may invest from US$500 billion to US$600 billion over several months, which would be a much smaller amount compared to the one-time US$1.8 trillion debt purchasing during the financial crisis."
Coal, gold and metal producers lost after the US dollar rose to 6.69 yuan and 81.90 yen, driving commodity prices lower in global markets.
Shandong Gold Mining Group Co lost 4 percent to 60.04 yuan despite reporting yesterday its net profit jumped 122 percent in the first three quarters from last year. Datong Coal Industry Co shed 3.9 percent to 25.56 yuan. Jiangxi Copper, China's biggest producer of the metal, lost 3.8 percent to 45.16 yuan.
Drug makers outperformed after three cases were found in the Chinese mainland to be infected by a breed of drug-resistant "super virus."
Jiangsu Lianhuan Pharmaceutical Co jumped by the 10 percent daily cap to 25.30 yuan. China National Medicines Corp rose 2.1 percent to 23.79 percent.
Property shares rose after the central bank said new loans to the sector grew 32.9 percent from last year, 5.2 percentage points lower than the growth rate last year.
Poly Real Estate Co, China's second-largest listed property firm, gained 1 percent to 14.79 yuan. Beijing Huaye Real Estate Co rose 4 percent to 8.31 yuan.
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