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Metal shares lead Shanghai index down
By Feng Jianmin |
December 7, 2010, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index edged down in the morning session as sluggish metal producers overshadowed gains of gold miners.
The Shanghai Composite Index dipped 0.33 percent, or 9.4 points, to 2,847.78. Turnover fell to 49.8 billion yuan (US$ 7.5 billion) from yesterday morning's 65.7 billion yuan.
The Shenzhen Composite Index, which tracks the smaller market in southern China, was up 0.8 percent to 1,297.77 points.
Investors remained cautious after the China Securities Journal warned there may be an interest rate hike over the weekend ahead of the release of November's official Consumer Price Index.
The property sector was mixed after the China Banking Regulatory Commission admitted last night to have ordered investigations into loans of state-owned property developers. It was an effort to reaffirm policy to reduce the presence of state-owned companies in the property sector released eight months ago.
China Vanke, China's largest property developer rose 1.4 percent to 8.61 yuan. Gemdale Corp edged up 0.2 percent to 5.98 yuan. Shanghai New Huangpu Real Estate Co fell 0.9 percent to 10.39 yuan.
Gold miners extended previous gains after gold bullion prices hit a record US$1423 per ounce on the New York market. Shandong Gold Mining Co went up 0.54 percent to 55.40 yuan. Zhongjin Gold Corp added 1.5 percent to 40.75 yuan. Zijin Mining Group Co, China's largest gold producer, rose 1.3 percent to 8.39 yuan.
Otherwise, metal producers declined. Jiangxi Copper Co fell 1.2 percent to 35.62 yuan. Yunnan Copper Co lost 1.6 percent to 23.57 yuan. Aluminum Corp of China dipped 0.7 percent to 10.09 yuan.
The Shanghai Composite Index dipped 0.33 percent, or 9.4 points, to 2,847.78. Turnover fell to 49.8 billion yuan (US$ 7.5 billion) from yesterday morning's 65.7 billion yuan.
The Shenzhen Composite Index, which tracks the smaller market in southern China, was up 0.8 percent to 1,297.77 points.
Investors remained cautious after the China Securities Journal warned there may be an interest rate hike over the weekend ahead of the release of November's official Consumer Price Index.
The property sector was mixed after the China Banking Regulatory Commission admitted last night to have ordered investigations into loans of state-owned property developers. It was an effort to reaffirm policy to reduce the presence of state-owned companies in the property sector released eight months ago.
China Vanke, China's largest property developer rose 1.4 percent to 8.61 yuan. Gemdale Corp edged up 0.2 percent to 5.98 yuan. Shanghai New Huangpu Real Estate Co fell 0.9 percent to 10.39 yuan.
Gold miners extended previous gains after gold bullion prices hit a record US$1423 per ounce on the New York market. Shandong Gold Mining Co went up 0.54 percent to 55.40 yuan. Zhongjin Gold Corp added 1.5 percent to 40.75 yuan. Zijin Mining Group Co, China's largest gold producer, rose 1.3 percent to 8.39 yuan.
Otherwise, metal producers declined. Jiangxi Copper Co fell 1.2 percent to 35.62 yuan. Yunnan Copper Co lost 1.6 percent to 23.57 yuan. Aluminum Corp of China dipped 0.7 percent to 10.09 yuan.
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