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Metal producers lead Shanghai index down
By Feng Jianmin |
June 17, 2011, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock index dropped today led by metal producers, while property developers gained.
The benchmark Shanghai Composite Index lost 0.81 percent to 2,642.82. Turnover was 75.2 billion yuan (US$11.6 billion).
The index lost 2.3 percent this week, after the central bank announced it will raise lenders'reserve requirement for sixth time this year as data showed inflation in May was the fastest in 34 months.
"Weaker-than-expected economic data in the United States and concerns about another interest rate hike in China led the market down," China Natural Assets Management Co wrote in a note. "China's economic slowdown has been minor and controllable, and thus there is still room for monetary tightening measures."
The company said that the market will still linger at the bottom level and no significant rebound is likely until July.
Metal producers were weak as prices for base metals were low with mounting concerns over Greek's debt issue hurting sentiment. Jiangxi Copper Co fell 1.3 percent to 32.55 yuan. China Aluminium Corp shed 6 percent to 10.60 yuan.
Property producers outperformed. China Vanke rose 0.8 percent to 8.05 yuan. Gemdale Corp grew 1 percent to 6.08 yuan.
The benchmark Shanghai Composite Index lost 0.81 percent to 2,642.82. Turnover was 75.2 billion yuan (US$11.6 billion).
The index lost 2.3 percent this week, after the central bank announced it will raise lenders'reserve requirement for sixth time this year as data showed inflation in May was the fastest in 34 months.
"Weaker-than-expected economic data in the United States and concerns about another interest rate hike in China led the market down," China Natural Assets Management Co wrote in a note. "China's economic slowdown has been minor and controllable, and thus there is still room for monetary tightening measures."
The company said that the market will still linger at the bottom level and no significant rebound is likely until July.
Metal producers were weak as prices for base metals were low with mounting concerns over Greek's debt issue hurting sentiment. Jiangxi Copper Co fell 1.3 percent to 32.55 yuan. China Aluminium Corp shed 6 percent to 10.60 yuan.
Property producers outperformed. China Vanke rose 0.8 percent to 8.05 yuan. Gemdale Corp grew 1 percent to 6.08 yuan.
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