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Shanghai index dips to lowest in 10 days
By Lydia Chen |
January 14, 2011, Friday
|
Online Edition
Online Edition
SHARES in Shanghai eased today, falling to the lowest in 10 days as commodity shares tumbled while banks slid amid talks of possible interest rate increases over the weekend.
The Shanghai Composite Index lost 1.29 percent to 2,791.34. The index lost 1.7 percent this week. Turnover rose to 90.65 billion yuan (US$13.74 billion) from yesterday's 87.93 billion yuan.
Jiangxi Copper plunged 8.04 percent to 38.57 yuan. Yunnan Copper lost 7.49 percent to 24.70 yuan as the metal in London dropped for a second day while futures in Shanghai also shed.
Large-caps such as banks performed weak after talks of possible interest rate increases were reignited in the market following rate hike moves in South Korea and Thailand. The possible further policy tightening kept investors on the back foot.
Industrial Bank Co lost 2.65 percent to 26.09 yuan. China Everbright Bank Co Ltd was down 2.44 percent to 3.99 yuan.
Information technology shares, which led the market higher yesterday, paired gains and were among the worst players today. Shanghai Baosight Software Co sank 6.17 percent to 26.02 yuan.
Bucking the trend, pharmaceutical companies outperformed amid concerns about rising flu cases in the country. Jiangsu Lianhuan Pharmaceutical Co surged the daily cap of 10 percent.
The Shanghai Composite Index lost 1.29 percent to 2,791.34. The index lost 1.7 percent this week. Turnover rose to 90.65 billion yuan (US$13.74 billion) from yesterday's 87.93 billion yuan.
Jiangxi Copper plunged 8.04 percent to 38.57 yuan. Yunnan Copper lost 7.49 percent to 24.70 yuan as the metal in London dropped for a second day while futures in Shanghai also shed.
Large-caps such as banks performed weak after talks of possible interest rate increases were reignited in the market following rate hike moves in South Korea and Thailand. The possible further policy tightening kept investors on the back foot.
Industrial Bank Co lost 2.65 percent to 26.09 yuan. China Everbright Bank Co Ltd was down 2.44 percent to 3.99 yuan.
Information technology shares, which led the market higher yesterday, paired gains and were among the worst players today. Shanghai Baosight Software Co sank 6.17 percent to 26.02 yuan.
Bucking the trend, pharmaceutical companies outperformed amid concerns about rising flu cases in the country. Jiangsu Lianhuan Pharmaceutical Co surged the daily cap of 10 percent.
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