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Oil and cement producers pace decline in Shanghai
By Lydia Chen |
May 26, 2011, Thursday
|
Online Edition
Online Edition
SHANGHAI stock market extended losses for a sixth day today with its key index tumbling to a four month low amid declines paced by oil producers.
The Shanghai Composite Index lost 0.19 percent to 2,736.53, the lowest since January 26. The six-day decline is the longest since July 1 last year.
Oil producers were the biggest drag in the market today, followed by plastic product makers while cement makers continued to be among the worst plays despite of previous hefty losses.
Huaxin Cement Co, the Chinese affiliate of Holcim Ltd, dropped 2.93 percent to 22.19 yuan (US$3.41)as a report by Shanghai Securities News said today that growth of China's industrial output is expected to slow.
Offshore Oil Engineering Co, a unit of the country's third-largest oil producer, slid 4.89 percent to 6.42 yuan.
Kang Hongtao, an analyst with Guoyuan Securities Co, regarded the ongoing bearish market performance would continue.
Credit controls, which makes it harder for small companies to borrow money, is another worry.
China Investment Capital Corp warned in a note today that the stock market may face further tumble because liquidity will remain tight for a while and the government will continue its stance against inflation.
The Shanghai Composite Index lost 0.19 percent to 2,736.53, the lowest since January 26. The six-day decline is the longest since July 1 last year.
Oil producers were the biggest drag in the market today, followed by plastic product makers while cement makers continued to be among the worst plays despite of previous hefty losses.
Huaxin Cement Co, the Chinese affiliate of Holcim Ltd, dropped 2.93 percent to 22.19 yuan (US$3.41)as a report by Shanghai Securities News said today that growth of China's industrial output is expected to slow.
Offshore Oil Engineering Co, a unit of the country's third-largest oil producer, slid 4.89 percent to 6.42 yuan.
Kang Hongtao, an analyst with Guoyuan Securities Co, regarded the ongoing bearish market performance would continue.
Credit controls, which makes it harder for small companies to borrow money, is another worry.
China Investment Capital Corp warned in a note today that the stock market may face further tumble because liquidity will remain tight for a while and the government will continue its stance against inflation.
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