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Power and mining firms pull Shanghai index lower
By Lydia Chen |
May 4, 2011, Wednesday
|
Online Edition
Online Edition
SHARES in Shanghai faltered in the morning session today in light of a fresh round of inflation concerns while power and coal mining firms reversed previous rallies.
The Shanghai Composite Index erased 0.95 percent to 2,904.33. Turnover, however, climbed to 65.12 billion yuan (US$10.03 billion).
Coal miners led decliners in the morning trading despite a report by Shanghai Securities News saying that the China Electricity Council has asked the government to "appropriately" increase power prices to help ease supply shortages.
The supply shortage prospects had boosted coal and electricity producers since late last week.
Yanzhou Coal Mining Co, China's fourth-biggest coal producer, retreated 4.99 percent to 33.90 yuan. China Shenhua Energy Co. the largest coal producer, dropped 3.66 percent to 28.72 yuan. Shanghai Electric Power Co declined 2.02 percent to 5.83 yuan.
The market was also pressured by losses among lenders as the central bank said it will continue to use multiple monetary tightening measures to curb stubbornly high inflation.
Bank of Beijing Co shed 1.86 percent to 11.61 yuan. Bank of Communications was down 1.01 percent to 5.88 yuan.
The People's Bank of China yesterday said in its quarterly monetary report that stabilizing prices and managing inflation expectations are "critical to the country."
"Bank reserve requirements have no absolute ceiling," the report stressed.
The Shanghai Composite Index erased 0.95 percent to 2,904.33. Turnover, however, climbed to 65.12 billion yuan (US$10.03 billion).
Coal miners led decliners in the morning trading despite a report by Shanghai Securities News saying that the China Electricity Council has asked the government to "appropriately" increase power prices to help ease supply shortages.
The supply shortage prospects had boosted coal and electricity producers since late last week.
Yanzhou Coal Mining Co, China's fourth-biggest coal producer, retreated 4.99 percent to 33.90 yuan. China Shenhua Energy Co. the largest coal producer, dropped 3.66 percent to 28.72 yuan. Shanghai Electric Power Co declined 2.02 percent to 5.83 yuan.
The market was also pressured by losses among lenders as the central bank said it will continue to use multiple monetary tightening measures to curb stubbornly high inflation.
Bank of Beijing Co shed 1.86 percent to 11.61 yuan. Bank of Communications was down 1.01 percent to 5.88 yuan.
The People's Bank of China yesterday said in its quarterly monetary report that stabilizing prices and managing inflation expectations are "critical to the country."
"Bank reserve requirements have no absolute ceiling," the report stressed.
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