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Market dips after overseas tumbles
By Joyce Pan |
May 20, 2010, Thursday
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Online Edition
Online Edition
SHANGHAI'S stock market fell more than 1 percent today following tumbles in overseas markets overnight.
The benchmark Shanghai Composite Index dropped 1.23 percent, or 31.87 points, to end at 2,555.94 points. Turnover shrank to 71.9 billion yuan (US$10.6 billion) from 79.98 billion yuan on Wednesday. Losing shares outnumbered gainers 722 to 129 and 14 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 1.36 percent to close at 983.87 points.
Gold producers led decliners after the bullion price lost ground. Zijin Mining, the nation's largest gold producer, fell 3.7 percent to 7.13 yuan. Zhongjin Gold Corp. slid 5.9 percent to 56.39 yuan. Shandong Gold Corp. dropped 4.5 percent to 37.81 yuan.
Bucking the downward trend, steel makers advanced. Xinjiang Ba Yi Iron & Steel Co jumped 2.2 percent to 11.57 yuan. Baoshan Iron & Steel Co added 1.1 percent to 6.54 yuan and Angang Steel Co climbed 0.7 percent to 8.17 yuan.
Elsewhere, Shanghai International Airport Co retreated 2.6 percent to 12.26 yuan after saying passenger numbers rose 17 percent to 3.2 million in April from a year earlier.
The benchmark Shanghai Composite Index dropped 1.23 percent, or 31.87 points, to end at 2,555.94 points. Turnover shrank to 71.9 billion yuan (US$10.6 billion) from 79.98 billion yuan on Wednesday. Losing shares outnumbered gainers 722 to 129 and 14 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 1.36 percent to close at 983.87 points.
Gold producers led decliners after the bullion price lost ground. Zijin Mining, the nation's largest gold producer, fell 3.7 percent to 7.13 yuan. Zhongjin Gold Corp. slid 5.9 percent to 56.39 yuan. Shandong Gold Corp. dropped 4.5 percent to 37.81 yuan.
Bucking the downward trend, steel makers advanced. Xinjiang Ba Yi Iron & Steel Co jumped 2.2 percent to 11.57 yuan. Baoshan Iron & Steel Co added 1.1 percent to 6.54 yuan and Angang Steel Co climbed 0.7 percent to 8.17 yuan.
Elsewhere, Shanghai International Airport Co retreated 2.6 percent to 12.26 yuan after saying passenger numbers rose 17 percent to 3.2 million in April from a year earlier.
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