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Metal producers and metal lead decline in Shanghai
By Feng Jianmin |
March 31, 2011, Thursday
|
Online Edition
Online Edition
SHANGHAI'S key stock index fell for a third day as metal producers dropped on concerns about China's economic growth.
The Shanghai Composite Index dropped 0.97 percent to 2927.15. Turnover shrank to 74.4 billion yuan (US$11.3 billion) from yesterday morning's 82.84 billion yuan.
Copper prices dropped more than US$200 to US$9,400 per ton on weak buying of China, arousing concerns about the economic outlook of the world's second largest economy.
Metal producers led the decliners. Jiangxi Copper Co, China's largest producer of the metal, dropped 1.3 percent to 39.01 yuan despite that its 2010 profit more than doubled from a year earlier. Yunnan Copper Co fell 0.7 percent to 25.35 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 1.3 percent to 4.46 yuan.
Agriculture Bank of China was down 0.7 percent to 2.73 yuan.
The Shanghai Composite Index dropped 0.97 percent to 2927.15. Turnover shrank to 74.4 billion yuan (US$11.3 billion) from yesterday morning's 82.84 billion yuan.
Copper prices dropped more than US$200 to US$9,400 per ton on weak buying of China, arousing concerns about the economic outlook of the world's second largest economy.
Metal producers led the decliners. Jiangxi Copper Co, China's largest producer of the metal, dropped 1.3 percent to 39.01 yuan despite that its 2010 profit more than doubled from a year earlier. Yunnan Copper Co fell 0.7 percent to 25.35 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 1.3 percent to 4.46 yuan.
Agriculture Bank of China was down 0.7 percent to 2.73 yuan.
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