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Shanghai index dips, bucking 8-day growth trend
By Feng Jianmin |
October 18, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock fell for the first time in eight trading days, led by gold and metal producers as commodity prices retreated from previous highs on stronger US dollar, while brokerages and steel makers gained.
The benchmark Shanghai Composite Index dipped 0.5 percent, or 16 points, to close at 2,955.2. Turnover grew to 301.2 billion yuan (US$28.5 billion) from last Friday's 273 billion yuan.
The Shenzhen Component Index, which tracks the smaller mainland exchange, lost 1 percent to 12,649.2.
November delivery of China's stock futures also fell 1 percent to 3329.4.
Brokerages went up. CITIC Securities Co, China's largest brokerage, added 1.8 percent to 15.23 yuan. Haitong Securities Co gained 1.7 percent to 11.67 yuan. GF Securities Co rose 1.2 percent to 48.47 yuan.
Steel makers led the gainers despite several firms, including Baoshan Iron and Steel Co, reported a drop in profit in the third quarter for high iron ore prices. Inner Mongolian Baotou Steel Union jumped by the daily limit of 10 percent to 3.91 yuan.
Beijing Shougang Co surged 10 percent to 4.75 yuan. Baoshan Iron and Steel Co gained 0.53 percent to 7.57 yuan.
Gold miners led the losers as bullion price closed 1 percent lower in New York market yesterday to US$1359 per ounce. Zhongjin Gold Co shed 9.1 percent to 42.35 yuan. Shandong Gold Mining Co dropped 9 percent to 58.51 yuan. Zijin Mining Group Co, China's largest bullion producer, lost 7.8 percent to 9.47 yuan.
Metal producers went mixed. Yunnan Copper Co slid 7.15 percent to 26.10 yuan.
Aluminum Corp of China rose 1.21 percent to 12.54 yuan. Tongling Nonferrous Metals Co declined 8.77 percent to 23.64 yuan.
The benchmark Shanghai Composite Index dipped 0.5 percent, or 16 points, to close at 2,955.2. Turnover grew to 301.2 billion yuan (US$28.5 billion) from last Friday's 273 billion yuan.
The Shenzhen Component Index, which tracks the smaller mainland exchange, lost 1 percent to 12,649.2.
November delivery of China's stock futures also fell 1 percent to 3329.4.
Brokerages went up. CITIC Securities Co, China's largest brokerage, added 1.8 percent to 15.23 yuan. Haitong Securities Co gained 1.7 percent to 11.67 yuan. GF Securities Co rose 1.2 percent to 48.47 yuan.
Steel makers led the gainers despite several firms, including Baoshan Iron and Steel Co, reported a drop in profit in the third quarter for high iron ore prices. Inner Mongolian Baotou Steel Union jumped by the daily limit of 10 percent to 3.91 yuan.
Beijing Shougang Co surged 10 percent to 4.75 yuan. Baoshan Iron and Steel Co gained 0.53 percent to 7.57 yuan.
Gold miners led the losers as bullion price closed 1 percent lower in New York market yesterday to US$1359 per ounce. Zhongjin Gold Co shed 9.1 percent to 42.35 yuan. Shandong Gold Mining Co dropped 9 percent to 58.51 yuan. Zijin Mining Group Co, China's largest bullion producer, lost 7.8 percent to 9.47 yuan.
Metal producers went mixed. Yunnan Copper Co slid 7.15 percent to 26.10 yuan.
Aluminum Corp of China rose 1.21 percent to 12.54 yuan. Tongling Nonferrous Metals Co declined 8.77 percent to 23.64 yuan.
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