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Metal producers drag Shanghai index down
By Feng Jianmin |
December 16, 2010, Thursday
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Online Edition
Online Edition
SHANGHAI'S key stock index fell today as gains made by property developers and liquor makers were overshadowed by losses of metal producers.
The benchmark Shanghai Composite Index lost 0.46 percent, or 13.27 points, to 2,898.14. Turnover dropped to 110.9 billion yuan (US$16.7 billion) from yesterday's 143.4 billion yuan.
The Shenzhen Composite Index, which tracks the smaller mainland market, was up 0.12 percent to 1,346.83.
"Shrinking turnover indicated that investors are cautious about whether the central government will raise interest rate this weekend," said Sinolink Securities in a note. "There are not durable investment opportunities on the market."
The property sector led the gainers after official statistics showed yesterday that the sector has absorbed 59 percent more foreign investment in the first 11 months this year than the same period last year. China Vanke, China's largest property developer, rose 1 percent to 8.43 yuan. Poly Real Estate Co, China's second largest, added 1.2 percent to 12.53 yuan. Gemdale Corp grew 1 percent to 5.98 yuan.
Liquor makers rallied after Kuichow Moutai decided to raise product prices despite government's pledge to stabilize consumer prices. Kuichou Moutai jumped 3.1 percent to 206.98 yuan after the company announced to raise price by 20 percent starting January 1. Wuliangye Yibin Co rose 1.6 percent to 38.60 yuan after media reports said that retailers were ordered to increase prices by 50 yuan recently. But the company denied the news.
Metal producers extended previous losses as prices for metal futures continued to fall on a stronger dollar. Zijin Minging Group Co, China's largest gold miner, fell 2.3 percent to 8.46 yuan. Jiangxi Copper Co lost 2.5 percent to 39.83 yuan. Aluminum Corp of China fell 1.4 percent to 10.24 yuan.
The benchmark Shanghai Composite Index lost 0.46 percent, or 13.27 points, to 2,898.14. Turnover dropped to 110.9 billion yuan (US$16.7 billion) from yesterday's 143.4 billion yuan.
The Shenzhen Composite Index, which tracks the smaller mainland market, was up 0.12 percent to 1,346.83.
"Shrinking turnover indicated that investors are cautious about whether the central government will raise interest rate this weekend," said Sinolink Securities in a note. "There are not durable investment opportunities on the market."
The property sector led the gainers after official statistics showed yesterday that the sector has absorbed 59 percent more foreign investment in the first 11 months this year than the same period last year. China Vanke, China's largest property developer, rose 1 percent to 8.43 yuan. Poly Real Estate Co, China's second largest, added 1.2 percent to 12.53 yuan. Gemdale Corp grew 1 percent to 5.98 yuan.
Liquor makers rallied after Kuichow Moutai decided to raise product prices despite government's pledge to stabilize consumer prices. Kuichou Moutai jumped 3.1 percent to 206.98 yuan after the company announced to raise price by 20 percent starting January 1. Wuliangye Yibin Co rose 1.6 percent to 38.60 yuan after media reports said that retailers were ordered to increase prices by 50 yuan recently. But the company denied the news.
Metal producers extended previous losses as prices for metal futures continued to fall on a stronger dollar. Zijin Minging Group Co, China's largest gold miner, fell 2.3 percent to 8.46 yuan. Jiangxi Copper Co lost 2.5 percent to 39.83 yuan. Aluminum Corp of China fell 1.4 percent to 10.24 yuan.
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