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Shanghai index drops as investors grow cautious
By Lydia Chen |
January 24, 2011, Monday
|
Online Edition
Online Edition
SHARES in Shanghai extended last week's fall today as rising inflation pressure prompted investors to sell before the market closes for a week for the upcoming Chinese Lunar New Year festival.
Commodity shares were among the worst performers today on concerns that a slower Chinese economy growth caused by more monetary tightening will reduce demand for metals.
The Shanghai Composite Index shed 0.72 percent to 2,695.72. Turnover shrank to 96.2 billion yuan (US$ 14.62 billion) from Friday's 104.6 billion.
Yanzhou Coal Mining and Tongling Nonferrous Metals Group Co both lost 5.68 percent.
Prices of non-ferrous metals in global markets are expected to fluctuate in a short term as demand from China, the world's biggest consumer of the metals, will slow due to a week-long Spring Festival holiday, China International Capital Corp said in a note today.
Stock markets on the mainland will close from February 2 to 8.
Commodity shares were among the worst performers today on concerns that a slower Chinese economy growth caused by more monetary tightening will reduce demand for metals.
The Shanghai Composite Index shed 0.72 percent to 2,695.72. Turnover shrank to 96.2 billion yuan (US$ 14.62 billion) from Friday's 104.6 billion.
Yanzhou Coal Mining and Tongling Nonferrous Metals Group Co both lost 5.68 percent.
Prices of non-ferrous metals in global markets are expected to fluctuate in a short term as demand from China, the world's biggest consumer of the metals, will slow due to a week-long Spring Festival holiday, China International Capital Corp said in a note today.
Stock markets on the mainland will close from February 2 to 8.
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