Market tumbles over fiscal fear
By Ding Yining |
May 12, 2010, Wednesday
|
Print Edition
Print Edition
SHANGHAI'S stock market sank nearly 2 percent yesterday to its lowest level in nearly a year as concern over inflation led to speculation that more central government tightening policies are on the way.
The benchmark Shanghai Composite Index lost 1.90 percent, or 51.18 points, to close at 2,647.57 points.
Turnover was 101 billion yuan (US$14.79 billion) with losses outnumbering gains by 775 to 100 and 47 remaining unchanged.
About 2.93 billion yuan of market value was wiped from the market yesterday.
Banks and financial shares were generally flat.
Ping An Insurance (Group) Co sank 2.88 percent to 46.82 yuan, China Pacific Insurance (Group) Co Ltd lost 1.99 percent to 24.12 yuan and Bank of Communications shed 2.08 percent to 6.59 yuan.
Shanghai Pudong Develop-ment Bank was down 1.21 percent to 18.75 yuan.
The Reform and Development Commission of Guangdong Province announced on Monday that Baoshan Iron & Steel's joint venture in Zhanjiang with two domestic steel makers was expected to become one of its most important production bases within three years.
Metal producers generally bucked yesterday's trend.
Baoshan Iron & Steel edged up 0.46 percent to 6.51 yuan, Guangzhou Iron & Steel Co surged the daily limit of 10 percent to 8.65 yuan and SGIS Songshan Co also rallied 10 percent to 4.57 yuan.
Zijin Mining Co added 1.61 percent to 8.22 yuan, Ningbo Fubang Jingye Group Co rallied 3.92 percent to 9.28 yuan and Shandong Gold Mining Co surged 3.38 percent to 78.30 yuan.
However, Sinopec lost 1.54 percent to 8.96 yuan and PetroChina was down 0.90 percent to 10.98 yuan.
The benchmark Shanghai Composite Index lost 1.90 percent, or 51.18 points, to close at 2,647.57 points.
Turnover was 101 billion yuan (US$14.79 billion) with losses outnumbering gains by 775 to 100 and 47 remaining unchanged.
About 2.93 billion yuan of market value was wiped from the market yesterday.
Banks and financial shares were generally flat.
Ping An Insurance (Group) Co sank 2.88 percent to 46.82 yuan, China Pacific Insurance (Group) Co Ltd lost 1.99 percent to 24.12 yuan and Bank of Communications shed 2.08 percent to 6.59 yuan.
Shanghai Pudong Develop-ment Bank was down 1.21 percent to 18.75 yuan.
The Reform and Development Commission of Guangdong Province announced on Monday that Baoshan Iron & Steel's joint venture in Zhanjiang with two domestic steel makers was expected to become one of its most important production bases within three years.
Metal producers generally bucked yesterday's trend.
Baoshan Iron & Steel edged up 0.46 percent to 6.51 yuan, Guangzhou Iron & Steel Co surged the daily limit of 10 percent to 8.65 yuan and SGIS Songshan Co also rallied 10 percent to 4.57 yuan.
Zijin Mining Co added 1.61 percent to 8.22 yuan, Ningbo Fubang Jingye Group Co rallied 3.92 percent to 9.28 yuan and Shandong Gold Mining Co surged 3.38 percent to 78.30 yuan.
However, Sinopec lost 1.54 percent to 8.96 yuan and PetroChina was down 0.90 percent to 10.98 yuan.
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