Metal firms lead share index to drop for 1st time in 4 days
Print Edition
SHANGHAI stocks yesterday fell for the first time in four days, led by nonferrous metal producers after the industry ministry said China will accelerate reducing industrial capacity despite a slight economic pickup.
The Shanghai Composite Index shed 0.29 percent to 2,100.14 points.
China will speed up cutting excess industrial capacity a year earlier than planned, said Minister of Industry and Information Technology Miao Wei.
The ministry will release the second batch of firms that need to cut production capacity as soon as possible so that the national overcapacity reduction plan could be completed in 2014, Miao said. Last month, China ordered more than 1,400 companies in 19 industries to slash outdated production capacity.
Nonferrous metal producers led the decline. Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China’s biggest producer of rare earth materials, dropped 1.4 percent to 29.17 yuan (US$4.77). Xiamen Tungsten Co lost 2 percent to 30.99 yuan.
Cement producers, steelmakers and electricity generators also fell among cyclical shares following a robust rebound earlier this week after recent data pointed to growth stabilizing in the world’s second-largest economy.
Anhui Conch Cement Co, the biggest Chinese cement producer, shed 1.7 percent to close at 16.33 yuan.
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