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Oil price rally hit carriers listed in Shanghai
By Feng Jianmin |
March 2, 2011, Wednesday
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Online Edition
Online Edition
SHANGHAI'S key stock index dipped after oil and gold prices rallied on Middle-East turmoil. Airlines dropped while gold miners gained.
The Shanghai Composite Index lost 0.18 percent to 2,913.81. Turnover fell to 167.1 billion yuan (US$ 15.3 billion) from yesterday's 172 billion yuan.
Oil for April delivery gained as much as $1.01, or 1 percent, to US$100.64 a barrel in electronic trading in New York, on concern turmoil in the Middle East will spread from Libya to Iran.
Analysts are concerned that rising oil prices may speed up inflation and hobble economic recovery, but they also said the current situation in the Middle East is not likely to result in an oil crisis.
"Oil demands in February and March are usually strong in the year, and the recent rally is the result of both demand and panic," said He Qingming, analyst with Pingan Securities. "Oil price in the year is likely to go up, but not significantly."
Airlines led the decliners. China Southern Airlines dropped 2.1 percent to 8.69 yuan. Air China similarly sank 2 percent to 11.69 yuan.
Gold miners outperformed as gold for April delivery rose 1.5 percent to a record US$1,431.2 per ounce on the New York market. Shandong Gold Mining Co rose 3.6 percent to 51.21 yuan. Zhongjin Gold Corp added 2 percent to 38.73 yuan.
Rail way firms trailed on concerns that development of high speed railway may slow down after Zhang Shuguang, deputy chief engineer and director of the transportation bureau at the Ministry of Railways, was removed from his position for "severe disciplinary violations," Xinhua News Agency said. The ministry's former minister Liu Zhijun was accused of bribery and was removed from position last month.
CSR Corp, a major rail car maker, dropped 3.2 percent to 7.89 yuan.
China Railway Construction Corp lost 3.3 percent to 7.08 yuan after the company said that it had halted work on three construction contracts in Libya, which have a combined value of US$4.24 billion, and has evacuated most of its workers.
The Shanghai Composite Index lost 0.18 percent to 2,913.81. Turnover fell to 167.1 billion yuan (US$ 15.3 billion) from yesterday's 172 billion yuan.
Oil for April delivery gained as much as $1.01, or 1 percent, to US$100.64 a barrel in electronic trading in New York, on concern turmoil in the Middle East will spread from Libya to Iran.
Analysts are concerned that rising oil prices may speed up inflation and hobble economic recovery, but they also said the current situation in the Middle East is not likely to result in an oil crisis.
"Oil demands in February and March are usually strong in the year, and the recent rally is the result of both demand and panic," said He Qingming, analyst with Pingan Securities. "Oil price in the year is likely to go up, but not significantly."
Airlines led the decliners. China Southern Airlines dropped 2.1 percent to 8.69 yuan. Air China similarly sank 2 percent to 11.69 yuan.
Gold miners outperformed as gold for April delivery rose 1.5 percent to a record US$1,431.2 per ounce on the New York market. Shandong Gold Mining Co rose 3.6 percent to 51.21 yuan. Zhongjin Gold Corp added 2 percent to 38.73 yuan.
Rail way firms trailed on concerns that development of high speed railway may slow down after Zhang Shuguang, deputy chief engineer and director of the transportation bureau at the Ministry of Railways, was removed from his position for "severe disciplinary violations," Xinhua News Agency said. The ministry's former minister Liu Zhijun was accused of bribery and was removed from position last month.
CSR Corp, a major rail car maker, dropped 3.2 percent to 7.89 yuan.
China Railway Construction Corp lost 3.3 percent to 7.08 yuan after the company said that it had halted work on three construction contracts in Libya, which have a combined value of US$4.24 billion, and has evacuated most of its workers.
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