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Shanghai index drops on weaker global markets
By Feng Jianmin |
October 28, 2010, Thursday
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Online Edition
Online Edition
SHANGHAI'S key stock index fell in the morning session following weak performance of the global stock markets overnight, amid questions for the size of US Fed stimulus plan and new threats to the Europe debt crisis.
The benchmark Shanghai Composite Index dipped 0.58 percent, or 17.3 points, to close at 2,979.8. Turnover fell to 105.4 billion yuan (US$15.8 billion) from yesterday morning's 127 billion yuan.
The Shenzhen Component Index, which tracks the smaller market in southern China, edged down 0.24 percent to 13,420.2.
Reports from the US government show that the pace of growth in manufacturing is slowing, while sales of new homes rose slightly faster than economists had expected last month.
While in Europe, budget talks between Portugal's government and the main opposition party ended on Wednesday without a deal, bringing uncertainties to the European country.
Britain's FTSE index and France's CAC 40 index both fell 1 percent, while the US Dow Jones edged down 0.4 percent to 11,126.3.
Coal, gold and metal producers led the decliners. Yunnan Copper Co lost 1.5 percent to 28.25 yuan. Shandong Gold Mining Group Co went down 2.2 percent to 58.75 yuan. Datong Coal Industry Co fell 1 percent to 25.30 yuan.
Auto makers tumbled. SAIC Motor Corp declined 4.2 percent to 20.04 yuan. FAW Car Co lost 1.6 percent to 20.50 yuan. Dongfeng Automobile Co went down 1.4 percent to 6.14 yuan.
Media and communications related stocks gained on news that the government will encourage mergers and acquisitions among listed companies to consolidate the industry. Zhejiang Huace Film & TV co jumped 4.6 percent to 101.44 yuan. Guangdong Alpha Animination and Culture Co grew 1 percent to 28.79 yuan.
The benchmark Shanghai Composite Index dipped 0.58 percent, or 17.3 points, to close at 2,979.8. Turnover fell to 105.4 billion yuan (US$15.8 billion) from yesterday morning's 127 billion yuan.
The Shenzhen Component Index, which tracks the smaller market in southern China, edged down 0.24 percent to 13,420.2.
Reports from the US government show that the pace of growth in manufacturing is slowing, while sales of new homes rose slightly faster than economists had expected last month.
While in Europe, budget talks between Portugal's government and the main opposition party ended on Wednesday without a deal, bringing uncertainties to the European country.
Britain's FTSE index and France's CAC 40 index both fell 1 percent, while the US Dow Jones edged down 0.4 percent to 11,126.3.
Coal, gold and metal producers led the decliners. Yunnan Copper Co lost 1.5 percent to 28.25 yuan. Shandong Gold Mining Group Co went down 2.2 percent to 58.75 yuan. Datong Coal Industry Co fell 1 percent to 25.30 yuan.
Auto makers tumbled. SAIC Motor Corp declined 4.2 percent to 20.04 yuan. FAW Car Co lost 1.6 percent to 20.50 yuan. Dongfeng Automobile Co went down 1.4 percent to 6.14 yuan.
Media and communications related stocks gained on news that the government will encourage mergers and acquisitions among listed companies to consolidate the industry. Zhejiang Huace Film & TV co jumped 4.6 percent to 101.44 yuan. Guangdong Alpha Animination and Culture Co grew 1 percent to 28.79 yuan.
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