Oil producers drag Shanghai index in the morning

By Feng Jianmin | July 18, 2011, Monday |

Online Edition

SHANGHAI'S key stock index was slightly lower in the morning session as losses in the oil sector more than offset gains made by gold miners.

The benchmark Shanghai Composite Index was down 0.11 percent to 2,817.18 points. Turnover was 73.1 billion yuan (US$11.3 billion).

Oil producers dropped on concerns that oil firms will face heavier tax after an official of China's top tax bureau said on Saturday that a draft plan to expand tax on energy resources has been submitted to the State Council. The new method will levy tax on the basis of price rather than quantity. PetroChina Co lost 0.6 percent to 10.70 yuan. Sinopec edged down 0.3 percent to 8.04 yuan.

Gold miners rose after bullion prices rose for 10 consecutive days to close above US$1,590 per ounce last Friday. Shandong Gold Mining Co added 0.4 percent to 50.07 yuan. Zhongjin Minging Co rose 0.6 percent to 30 yuan.

Property developers were mixed after data showed home prices continued to rise in 67 of the 70 major cities in China. China's housing authority has launched investigations into excessive housing price rises in second and third-tier cities. China Vanke fell 1 percent to 8.34 yuan. China Merchants Property Development Co edged up 0.2 percent to 10.62 yuan.

Finance

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Oil producers drag Shanghai index in the morning

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