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Shanghai index down on weaker gold miners and developers
By Feng Jianmin |
December 8, 2010, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index fell today, led by gold miners and property developers. Railway firms gained.
The Shanghai Composite Index lost 1 percent, or 27.32 points, to 2,848.5. Turnover was 111.8 billion yuan (US$ 16.8 billion) almost the same as yesterday's 111.2 billion yuan.
The Shenzhen Composite Index, which tracks the smaller market in southern China, was down 0.3 percent to 1,305.25 points.
Gold miners dropped as gold bullion prices dropped to around US$1,390 an ounce from a record US$1,426. Shandong Gold Mining Co dropped 3.7 percent to 55.81 yuan. Zhongjin Gold Corp fell 3.5 percent to 41.07 yuan.
Property developers fell after a report by China Academy of Social Science said that homes in 35 big and medium sized cities on the mainland are on average overpriced by nearly 30 percent. China Vanke, China's biggest property developer, fell 2 percent to 8.49 yuan. CFOCO Property Co dropped 1.8 percent to 6.58 yuan.
Railway firms led the gainers after China's Vice Premier Zhang Dejiang said yesterday that government would lend more support in fund, land, technology innovation and business environment to high speed railway development. China Railway Erju Co climbed 3 percent to 9.31 yuan. CSR Corp, a leading carriage builder in southern China, jumped 7 percent to 7.69 yuan.
The Shanghai Composite Index lost 1 percent, or 27.32 points, to 2,848.5. Turnover was 111.8 billion yuan (US$ 16.8 billion) almost the same as yesterday's 111.2 billion yuan.
The Shenzhen Composite Index, which tracks the smaller market in southern China, was down 0.3 percent to 1,305.25 points.
Gold miners dropped as gold bullion prices dropped to around US$1,390 an ounce from a record US$1,426. Shandong Gold Mining Co dropped 3.7 percent to 55.81 yuan. Zhongjin Gold Corp fell 3.5 percent to 41.07 yuan.
Property developers fell after a report by China Academy of Social Science said that homes in 35 big and medium sized cities on the mainland are on average overpriced by nearly 30 percent. China Vanke, China's biggest property developer, fell 2 percent to 8.49 yuan. CFOCO Property Co dropped 1.8 percent to 6.58 yuan.
Railway firms led the gainers after China's Vice Premier Zhang Dejiang said yesterday that government would lend more support in fund, land, technology innovation and business environment to high speed railway development. China Railway Erju Co climbed 3 percent to 9.31 yuan. CSR Corp, a leading carriage builder in southern China, jumped 7 percent to 7.69 yuan.
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