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Metal firms pull down Shanghai stock index
By Feng Jianmin |
March 31, 2011, Thursday
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Online Edition
Online Edition
SHANGHAI'S key stock index fell for a third day, paring a monthly gain, as metal producers dropped on concerns about China's economic growth.
The Shanghai Composite Index lost 0.94 percent to 2928.11. Turnover shrank to 135.7 billion yuan (US$11.3 billion) from yesterday's 153 billion yuan.
The benchmark index rose 0.8 percent this month, while the Shenzhen Component Index, which tracks the smaller bourse in southern China, dropped 2.6 percent mainly due to weak performance of smaller companies.
Copper prices dropped more than US$200 to US$9,400 per ton yesterday in London on weak buying of China, arousing concerns about the economic outlook of the world's second largest economy. The most traded June delivery for copper today fell 500 yuan to 70,700 yuan per ton.
Metal producers led the decliners. Jiangxi Copper Co, China's largest producer of the metal, dropped 1.7 percent to 38.85 yuan despite its 2010 profit more than doubled from a year earlier. Yunnan Copper Co fell 1.1 percent to 25.25 yuan.
Banks retreated from previous gains. Industrial and Commercial Bank of China said yesterday evening that its profit in 2010 rose a better-than-expected 28 percent to 165.2 billion yuan from a year earlier, making it the world's most profitable bank for a third year. It shares lose 1.1 percent to 4.47 yuan. China Construction Bank was down 1.2 percent to 4.97 yuan.
The Shanghai Composite Index lost 0.94 percent to 2928.11. Turnover shrank to 135.7 billion yuan (US$11.3 billion) from yesterday's 153 billion yuan.
The benchmark index rose 0.8 percent this month, while the Shenzhen Component Index, which tracks the smaller bourse in southern China, dropped 2.6 percent mainly due to weak performance of smaller companies.
Copper prices dropped more than US$200 to US$9,400 per ton yesterday in London on weak buying of China, arousing concerns about the economic outlook of the world's second largest economy. The most traded June delivery for copper today fell 500 yuan to 70,700 yuan per ton.
Metal producers led the decliners. Jiangxi Copper Co, China's largest producer of the metal, dropped 1.7 percent to 38.85 yuan despite its 2010 profit more than doubled from a year earlier. Yunnan Copper Co fell 1.1 percent to 25.25 yuan.
Banks retreated from previous gains. Industrial and Commercial Bank of China said yesterday evening that its profit in 2010 rose a better-than-expected 28 percent to 165.2 billion yuan from a year earlier, making it the world's most profitable bank for a third year. It shares lose 1.1 percent to 4.47 yuan. China Construction Bank was down 1.2 percent to 4.97 yuan.
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