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Investors drag Shanghai index down 3% on week
By Joyce Pan |
January 22, 2010, Friday
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Online Edition
Online Edition
SHANGHAI'S key stock ended lower today, sending the index to a 3-percent weekly loss, following tumbles in surrounding markets on lower commodity shares.
The benchmark Shanghai Composite Index dropped 0.96 percent, or 30.27 points, to close at 3,128.59 points. Turnover rose to 163.6 billion yuan (US$24.1 billion) from 142.1 billion yuan yesterday.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 2.7 percent to close at 1,161.89 points.
The London Metals Index, a measure of six metals including copper and aluminum, dropped 1.2 percent yesterday, the first weekly loss in six weeks.
Zijin Mining Group Co, the country's largest gold producer, slid 2.9 percent to 8.84 yuan. Zhongjin Gold Corp, the second biggest by market value, slumped 1.8 percent to 52.46 yuan. Shandong Gold Mining Co sank 2.7 percent to 70.89 yuan.
Xinjiang Ba Yi Iron & Steel Co dropped 7.9 percent to 13.8 yuan. Jiangxi Copper Co eased 2.5 percent to 36.4 yuan. Aluminum Corp of China shed 1.8 percent to 13.48 yuan.
Media reports cited EPFR Global as saying investors pulled US$348 million from China equity funds last week, the most in 18 weeks, on signs the government is ready to drain market liquidity to avert asset bubbles.
Losing stocks outnumbered gainers by 744 to 162 while 2 remained unchanged amid a broad sell-off .
Sinolink Securities Co shed 4.3 percent to 22.76 yuan. CITIC Securities Co declined 2 percent to 29.21 yuan. Everbright Securities Co withdrew 0.7 percent to 27.32 yuan. Haitong Securities Co lost 2.9 percent to 17.27 yuan.
The benchmark Shanghai Composite Index dropped 0.96 percent, or 30.27 points, to close at 3,128.59 points. Turnover rose to 163.6 billion yuan (US$24.1 billion) from 142.1 billion yuan yesterday.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 2.7 percent to close at 1,161.89 points.
The London Metals Index, a measure of six metals including copper and aluminum, dropped 1.2 percent yesterday, the first weekly loss in six weeks.
Zijin Mining Group Co, the country's largest gold producer, slid 2.9 percent to 8.84 yuan. Zhongjin Gold Corp, the second biggest by market value, slumped 1.8 percent to 52.46 yuan. Shandong Gold Mining Co sank 2.7 percent to 70.89 yuan.
Xinjiang Ba Yi Iron & Steel Co dropped 7.9 percent to 13.8 yuan. Jiangxi Copper Co eased 2.5 percent to 36.4 yuan. Aluminum Corp of China shed 1.8 percent to 13.48 yuan.
Media reports cited EPFR Global as saying investors pulled US$348 million from China equity funds last week, the most in 18 weeks, on signs the government is ready to drain market liquidity to avert asset bubbles.
Losing stocks outnumbered gainers by 744 to 162 while 2 remained unchanged amid a broad sell-off .
Sinolink Securities Co shed 4.3 percent to 22.76 yuan. CITIC Securities Co declined 2 percent to 29.21 yuan. Everbright Securities Co withdrew 0.7 percent to 27.32 yuan. Haitong Securities Co lost 2.9 percent to 17.27 yuan.
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