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Non-ferrous stocks led market down in morning trading
By Ye Zhen |
November 2, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI stocks edged down this morning as falling prices of non-ferrous stocks offset a surge of property stocks.
The benchmark Shanghai Composite Index shed 0.26 percent, or 5.55 points, to 2,098.88 points. Turnover stood at 27.3 billion yuan (US$4.4 billion) by the noon break.
Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, lost 2.5 percent to 30.18 yuan. Rising Nonferrous Metals Share Co fell 1.7 percent to 41.23 yuan.
Operating conditions of the non-ferrous industry deteriorated due to rising financial costs and falling product prices, Shenyin & Wanguo Securities wrote in a report published today. The brokerage has lowered its fourth-quarter earnings forecasts for several non-ferrous metals producers.
Gold stocks sank as the gold price dropped on upbeat news about economic recovery in China and the world. Zijin Mining Group Co, the nation's largest gold producer, slipped 0.8 percent to 3.85 yuan. Shandong Gold Mining Co shed 1.6 percent to 37.65 yuan. Zhongjin Gold Corp lost 1.4 percent to 15.94 yuan.
China's home prices continued to rebound in October, the fifth month in a row, pointing to a warming housing sector as local governments took steps to stimulate the demand.
The average price of new homes across 100 domestic cities rose 0.17 percent from a month earlier to 8,768 yuan per square meter last month, extending a four-month streak of gains, data from the China Index Academy showed.
Guangzhou Pearl River Industrial Development Co jumped by the daily limit of 10 percent to 10.51 yuan. BEIH-Property Co leaped 8.2 percent to 4.50 yuan. Gree Real Estate Co advanced 4.7 percent to 6.05 yuan.
The benchmark Shanghai Composite Index shed 0.26 percent, or 5.55 points, to 2,098.88 points. Turnover stood at 27.3 billion yuan (US$4.4 billion) by the noon break.
Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co, China's biggest producer of rare earth materials, lost 2.5 percent to 30.18 yuan. Rising Nonferrous Metals Share Co fell 1.7 percent to 41.23 yuan.
Operating conditions of the non-ferrous industry deteriorated due to rising financial costs and falling product prices, Shenyin & Wanguo Securities wrote in a report published today. The brokerage has lowered its fourth-quarter earnings forecasts for several non-ferrous metals producers.
Gold stocks sank as the gold price dropped on upbeat news about economic recovery in China and the world. Zijin Mining Group Co, the nation's largest gold producer, slipped 0.8 percent to 3.85 yuan. Shandong Gold Mining Co shed 1.6 percent to 37.65 yuan. Zhongjin Gold Corp lost 1.4 percent to 15.94 yuan.
China's home prices continued to rebound in October, the fifth month in a row, pointing to a warming housing sector as local governments took steps to stimulate the demand.
The average price of new homes across 100 domestic cities rose 0.17 percent from a month earlier to 8,768 yuan per square meter last month, extending a four-month streak of gains, data from the China Index Academy showed.
Guangzhou Pearl River Industrial Development Co jumped by the daily limit of 10 percent to 10.51 yuan. BEIH-Property Co leaped 8.2 percent to 4.50 yuan. Gree Real Estate Co advanced 4.7 percent to 6.05 yuan.
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