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Rail companies, developers derail shares
By Feng Jianmin |
September 28, 2011, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index dropped to a 14-month low led by railway firms and property developers despite a commodity producer rebound.
The benchmark Shanghai Composite Index lost 0.95 percent to 2,392.06 points. Turnover was 56.5 billion yuan (US$8.9 billion).
Railway-related shares dropped after the Ministry of Railways today announced a decision to postpone the sale of 20 billion yuan in corporate bonds until October 21 due to tight market liquidity.
Concerns over railway safety intensified after two underground trains collided in Shanghai yesterday. The signaling system provider, Casco Signal Ltd, was also blamed for causing the fatal bullet train collision in Wenzhou on July 23, killing 40.
Railcar makers CSR Corp and China CNR Corp both sank by nearly 1.7 percent. The former closed at 4.64 yuan and the latter at 4.70 yuan. China Railway Construction Corp lost 0.9 percent to 4.44 yuan.
Property developers extended previous losses under tightening liquidity. Gemdale Corp shed 2.4 percent to 4.93 yuan. China Vanke, China's largest listed property developer, fell 1.3 percent to 7.08 yuan.
Commodity producers gained after copper prices jumped 4.5 percent in London and gold bullion prices climbed 3.6 percent in New York.
Jiangxi Copper Co rose 0.6 percent to 27.17 yuan. Zhongjin Gold Mining Co added 0.5 percent to 22.77 yuan.
The benchmark Shanghai Composite Index lost 0.95 percent to 2,392.06 points. Turnover was 56.5 billion yuan (US$8.9 billion).
Railway-related shares dropped after the Ministry of Railways today announced a decision to postpone the sale of 20 billion yuan in corporate bonds until October 21 due to tight market liquidity.
Concerns over railway safety intensified after two underground trains collided in Shanghai yesterday. The signaling system provider, Casco Signal Ltd, was also blamed for causing the fatal bullet train collision in Wenzhou on July 23, killing 40.
Railcar makers CSR Corp and China CNR Corp both sank by nearly 1.7 percent. The former closed at 4.64 yuan and the latter at 4.70 yuan. China Railway Construction Corp lost 0.9 percent to 4.44 yuan.
Property developers extended previous losses under tightening liquidity. Gemdale Corp shed 2.4 percent to 4.93 yuan. China Vanke, China's largest listed property developer, fell 1.3 percent to 7.08 yuan.
Commodity producers gained after copper prices jumped 4.5 percent in London and gold bullion prices climbed 3.6 percent in New York.
Jiangxi Copper Co rose 0.6 percent to 27.17 yuan. Zhongjin Gold Mining Co added 0.5 percent to 22.77 yuan.
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