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Shanghai Composite down 0.89%, led by oil stocks
By Feng Jianmin |
November 16, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI stocks traded lower in the morning session, led by oil producers after China cut fuel prices early today.
The benchmark Shanghai Composite Index fell 0.89 percent to 2,012.26 points. Turnover was 19.6 billion yuan.
China's largest oil producers slumped after gasoline and diesel prices were cut by more than 3 percent. Analysts said the price cuts may drag them deeper into the red in their refining business.
Heavy weight PetroChina Co lost 1.05 percent to 8.52 yuan. China Petroleum and Chemical Corp, also known as SinoPec, tumbled 2.1 percent to 6.03 yuan.
Banks were also weak after data released by the China Banking Regulatory Commission showed their asset quality deteriorated in the third quarter. Bank of China dropped 1 percent to 2.78 yuan. China Construction Bank shed 0.7 percent to 4.15 yuan.
The benchmark Shanghai Composite Index fell 0.89 percent to 2,012.26 points. Turnover was 19.6 billion yuan.
China's largest oil producers slumped after gasoline and diesel prices were cut by more than 3 percent. Analysts said the price cuts may drag them deeper into the red in their refining business.
Heavy weight PetroChina Co lost 1.05 percent to 8.52 yuan. China Petroleum and Chemical Corp, also known as SinoPec, tumbled 2.1 percent to 6.03 yuan.
Banks were also weak after data released by the China Banking Regulatory Commission showed their asset quality deteriorated in the third quarter. Bank of China dropped 1 percent to 2.78 yuan. China Construction Bank shed 0.7 percent to 4.15 yuan.
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