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Shanghai index decreases 0.5%
By Staff Reporter |
December 16, 2010, Thursday
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Print Edition
Print Edition
SHANGHAI'S key stock index fell for the first time in four days as gains made by coal miners were overshadowed by losses among steel makers and cement firms.
The benchmark Shanghai Composite Index edged down 0.5 percent, or 15.66 points, to 2,911.41. Turnover fell to 143.4 billion yuan (US$21.6 billion) from Tuesday's 153 billion yuan.
"We expect no new policies in the short term after the central bank raised the reserve requirement ratio last Friday," said Kou Jianxun from Soochow Securities. "But significant growth is not likely due to fast inflation."
Chinese consumers are feeling the pinch of rising living costs, a central bank survey showed yesterday. Consumer's price satisfaction index fell to 13.8 in the current quarter, the lowest since it was first compiled in the fourth quarter of 1999, the People's Bank of China said yesterday.
Steel makers declined after a China International Capital Corp report said yesterday that profits will be eroded by higher costs for raw materials even though production and demand will increase next year.
Laiwu Steel Corp dropped 4.9 percent to 8.80 yuan. Jinan Iron and Steel Co fell 4.7 percent to 4.04 yuan. Baoshan Iron and Steel Co was down 0.9 percent to 6.61 yuan.
Cement firms tumbled after Tuesday's rally. Anhui Conch Cement Co slackened 4.1 percent to 29.51 yuan. Hebei Taihang Cement Co fell 4 percent to 13.94 yuan.
Metal producers were weak as prices for copper and aluminum futures dipped. Jiangxi Copper Co lost 2.4 percent to 40.86 yuan. Aluminum Corp of China dipped 0.7 percent to 10.39 yuan.
Coal miners led the way on speculation that prices for the fuel will rise as temperatures drop. Milder-than-expected monetary policies will boost coal demand next year, a BOC International report said yesterday.
China Shenhua Energy Co, China's largest coal producer, rose 1.3 percent to 25.19 yuan.
The benchmark Shanghai Composite Index edged down 0.5 percent, or 15.66 points, to 2,911.41. Turnover fell to 143.4 billion yuan (US$21.6 billion) from Tuesday's 153 billion yuan.
"We expect no new policies in the short term after the central bank raised the reserve requirement ratio last Friday," said Kou Jianxun from Soochow Securities. "But significant growth is not likely due to fast inflation."
Chinese consumers are feeling the pinch of rising living costs, a central bank survey showed yesterday. Consumer's price satisfaction index fell to 13.8 in the current quarter, the lowest since it was first compiled in the fourth quarter of 1999, the People's Bank of China said yesterday.
Steel makers declined after a China International Capital Corp report said yesterday that profits will be eroded by higher costs for raw materials even though production and demand will increase next year.
Laiwu Steel Corp dropped 4.9 percent to 8.80 yuan. Jinan Iron and Steel Co fell 4.7 percent to 4.04 yuan. Baoshan Iron and Steel Co was down 0.9 percent to 6.61 yuan.
Cement firms tumbled after Tuesday's rally. Anhui Conch Cement Co slackened 4.1 percent to 29.51 yuan. Hebei Taihang Cement Co fell 4 percent to 13.94 yuan.
Metal producers were weak as prices for copper and aluminum futures dipped. Jiangxi Copper Co lost 2.4 percent to 40.86 yuan. Aluminum Corp of China dipped 0.7 percent to 10.39 yuan.
Coal miners led the way on speculation that prices for the fuel will rise as temperatures drop. Milder-than-expected monetary policies will boost coal demand next year, a BOC International report said yesterday.
China Shenhua Energy Co, China's largest coal producer, rose 1.3 percent to 25.19 yuan.
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