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Shanghai Composite falls 1.12%, dragged by coal miners
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SHANGHAI stocks declined for a third straight day today as coal producers lost again after data showed electricity consumption grew at a slower pace in April.
The key Shanghai Composite Index fell 1.12 percent, or 22.94 points, to 2,024.97. Turnover was 59.8 billion yuan (US$9.6 billion).
China’s electricity usage, an indicator of economic activity, increased 4.6 percent year on year in April, compared with a rise of 7.2 percent in March, the National Energy Administration revealed.
In the January-April period, power consumption rose 5.2 percent over the same period last year, compared with 5.4 percent in the first quarter.
Coal producers fell the most due to weak demand for power. Li Longhai, an analyst with Dongguan Securities, said coal demand will not recover in the short term because the government is unlikely to roll out large-scale stimuli to boost economy. Increasing coal imports also hit domestic suppliers.
Yanzhou Coal Mining slumped 4.9 percent to 7.39 yuan. Datong Coal Industry tumbled 7.6 percent to 5.74 yuan. Anhui Hengyuan Coal Industry and Electricity Power sank 5.3 percent to 5.73 yuan.
Nickel companies also lost after nickel price dropped in London after gaining 15 percent in three days. Jilin Ji’en Nickel Industry decreased 5.8 percent to 15.05 yuan.
Investor appetite for A shares weakened as the market underperformed for weeks amid worries about economic slowdown and resumption of initial public offerings.
Data from China Securities Depository and Clearing Co Ltd showed that only about 64,000 new accounts for A-share trading were opened last week, the least since 2007.
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