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Oil and gold producers lead Shanghai shares down
By Feng Jianmin |
May 12, 2011, Thursday
|
Online Edition
Online Edition
SHANGHAI'S key stock index fell in the morning session after commodity prices dropped overnight.
Shanghai's Composite Index was down 0.36 percent, or 10.24 points, to close at 2,873.18 after falling as much as 1 percent in the morning session. Turnover was 57.1 billion yuan (US$9.1 billion), slightly lower than yesterday's 59.2 billion yuan.
Oil prices for June delivery dropped 5.5 percent to below US$100 a barrel overnight in New York, after the Energy Information Administration of the United States said the country's demand for gasoline fell by the largest amount in seven weeks.
Oil producers led the decliners. PetroChina, the index's biggest component, lost 0.8 percent to 11.09 yuan. Sinopec dropped 1.2 percent to 8.30 yuan.
Gold miners were also weak after gold for June delivery fell 1 percent. Shandong Gold Mining Group Co shed 2.8 percent to 45.04 yuan. Zijin Mining Co lost 1 percent to 7.24 yuan.
Shanghai's Composite Index was down 0.36 percent, or 10.24 points, to close at 2,873.18 after falling as much as 1 percent in the morning session. Turnover was 57.1 billion yuan (US$9.1 billion), slightly lower than yesterday's 59.2 billion yuan.
Oil prices for June delivery dropped 5.5 percent to below US$100 a barrel overnight in New York, after the Energy Information Administration of the United States said the country's demand for gasoline fell by the largest amount in seven weeks.
Oil producers led the decliners. PetroChina, the index's biggest component, lost 0.8 percent to 11.09 yuan. Sinopec dropped 1.2 percent to 8.30 yuan.
Gold miners were also weak after gold for June delivery fell 1 percent. Shandong Gold Mining Group Co shed 2.8 percent to 45.04 yuan. Zijin Mining Co lost 1 percent to 7.24 yuan.
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