Key index drops in run up to New Year
By Pan Xiaoyi |
December 18, 2010, Saturday
|
Print Edition
Print Edition
SHANGHAI'S key stock index fell for the third day yesterday, narrowing its first weekly gain in a month, on muted investor sentiment in the run up to New Year and declines by coal producers due to lower coal prices.
The Shanghai Composite Index edged down 0.15 percent, or 4.4 points, to 2,893.74. Turnover continued to shrink to 93.9 billion yuan (US$14 billion) from 110.9 billion yuan.
A 2.9 percent advance on Monday helped the benchmark index to gain 1.9 percent this week.
"The market may remain lackluster as New Year's Day approaches," said Zhang Gang, an analyst at Southwest Securities Co.
He suggested investors target shares in the tourism, airline and commercial sectors, which may gain from expected spending over the Christmas and New Year.
Meanwhile, coal firms suffered as coal prices at Qinhuangdao port, seen as the benchmark in China's market, fell up to 2.5 percent this week because power plants have sufficient stockpiles to combat the cold weather.
Datong Coal Industry Co lost 1.7 percent to 21.85 yuan while Yanzhou Coal Mining Co fell 1.42 percent to 29.13 yuan.
PetroChina, the index's largest component, slid 1.1 percent to 11.56 yuan after oil prices fell to a two-week low.
Chongqing Chang'an Automobile Co advanced 1.9 percent to 10.77 yuan after it got regulatory approval to raise up to 4 billion yuan through a private placement.
The Shanghai Composite Index edged down 0.15 percent, or 4.4 points, to 2,893.74. Turnover continued to shrink to 93.9 billion yuan (US$14 billion) from 110.9 billion yuan.
A 2.9 percent advance on Monday helped the benchmark index to gain 1.9 percent this week.
"The market may remain lackluster as New Year's Day approaches," said Zhang Gang, an analyst at Southwest Securities Co.
He suggested investors target shares in the tourism, airline and commercial sectors, which may gain from expected spending over the Christmas and New Year.
Meanwhile, coal firms suffered as coal prices at Qinhuangdao port, seen as the benchmark in China's market, fell up to 2.5 percent this week because power plants have sufficient stockpiles to combat the cold weather.
Datong Coal Industry Co lost 1.7 percent to 21.85 yuan while Yanzhou Coal Mining Co fell 1.42 percent to 29.13 yuan.
PetroChina, the index's largest component, slid 1.1 percent to 11.56 yuan after oil prices fell to a two-week low.
Chongqing Chang'an Automobile Co advanced 1.9 percent to 10.77 yuan after it got regulatory approval to raise up to 4 billion yuan through a private placement.
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