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August 26, 2009

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Shanghai index drops 2.59%

SHANGHAI'S key stock index declined for the first time in four trading days yesterday on concerns over economic uncertainty.

The benchmark Shanghai Composite Index buckled 2.59 percent, or 77.63 points, to close at 2,915.8 after touching an intraday low of 2,823.64. Turnover rose to 160.9 billion yuan (US$23.66 billion) from 138.4 billion yuan on Monday.

Premier Wen Jiabao said recently that although the economic situation has shown signs of improving both at home and abroad, there are still many uncertain factors in play. He added that the economic situation is still very grave.

"Blue chips dragged down the index and the lack of favorable news indicates that recent rallies can not be sustained," Shenyin & Wanguo wrote in a research note. "The barometer is set to experience wide fluctuations in the short term."

Copper producers led the losses after the price of the metal fell on concerns growing stockpiles in China will hurt demand.

Jiangxi Copper Co fell 5.66 percent to 37.2 yuan after saying first-half profit declined 61 percent from a year ago. Aluminum Corp of China Ltd, the nation's biggest maker of the lightweight metal, lost 2.89 percent to 15.13 yuan after posting a third straight quarterly loss.

Lenders were sluggish. The Industrial and Commercial Bank of China, the nation's biggest lender, dropped 2.89 percent to 4.70 yuan. Shanghai Pudong Development Bank slid 6.98 percent to 20.78 yuan. China Construction Bank was down 4.33 percent to close at 5.53 yuan.

Developers also had a rough day. Gemdale Corp sank 6.77 percent to 13.91 yuan. Poly Real Estate Group dropped 4.28 percent to 24.15 yuan. Shanghai Lujiazui Finance and Trade Zone withdrew 3.7 percent to 23.45 yuan.


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