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Metal and oil producers drag Shanghai index
By Lydia Chen |
May 6, 2011, Friday
|
Online Edition
Online Edition
SHANGHAI stock market continued to lose ground today, weighed down by mining-related shares after a nearly unprecedented onslaught of investor selling in commodities although stronger airliners and electricity producers helped offset some index losses.
The Shanghai Composite Index lost 0.30 percent to 2,863.89. Turnover stood at 105.18 billion yuan (US$ 16.18 billion). The index skipped 1.64 percent this week.
Coal, steel, oil and non-ferrous metal producers were the top underperformers following steep sell-offs in the commodity world where oil dived a record of US$12 a barrel and silver slumped by its biggest one-day plunge since 1980.
PetroChina, the country's biggest oil maker and one of the largest heavyweight components in the market, lost 2.19 percent to 11.15 yuan. Yanzhou Coal Mining Co shed 2.86 percent to 31.59 yuan.
"The plunge in commodities is not really the reason that dragged down the market today," said Huang Dongsheng, an analyst with Guodu Securities Co. "It's the fear among jittery investors that companies' abilities to make profits will be hampered given their large amounts of inventories when prices of basic materials are falling."
"A weak market like the one we are having now will always respond to any negative news like this," Huang said, adding that the market may fall to as low as 2,800 points next week, a bottom that investors might pile in to buy low.
The Shanghai Composite Index lost 0.30 percent to 2,863.89. Turnover stood at 105.18 billion yuan (US$ 16.18 billion). The index skipped 1.64 percent this week.
Coal, steel, oil and non-ferrous metal producers were the top underperformers following steep sell-offs in the commodity world where oil dived a record of US$12 a barrel and silver slumped by its biggest one-day plunge since 1980.
PetroChina, the country's biggest oil maker and one of the largest heavyweight components in the market, lost 2.19 percent to 11.15 yuan. Yanzhou Coal Mining Co shed 2.86 percent to 31.59 yuan.
"The plunge in commodities is not really the reason that dragged down the market today," said Huang Dongsheng, an analyst with Guodu Securities Co. "It's the fear among jittery investors that companies' abilities to make profits will be hampered given their large amounts of inventories when prices of basic materials are falling."
"A weak market like the one we are having now will always respond to any negative news like this," Huang said, adding that the market may fall to as low as 2,800 points next week, a bottom that investors might pile in to buy low.
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