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Shanghai index falls, dragged by cyclical shares
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SHANGHAI stocks retreated this morning after four straight days of gains as shares of coal, cement and electricity producers slumped, offsetting gains of oil companies and homebuilders.
The key Shanghai Composite Index declined 0.80 percent, or 16.56 points, to 2,058.68. Turnover was 55.9 billion yuan (US$9.2 billion) by the noon break.
“The ongoing policy meeting is the focus of attention, but the escalating Russia-Ukraine tension and a weak manufacturing PMI will weigh on the market,” said Shenyin & Wanguo Securities.
Cyclical shares dragged the market down on dismal economic data. Shenhua Energy Co Ltd lost 1.8 percent to 13.38 yuan. Yangquan Coal Industry (Group) Co Ltd sank 2.4 percent to 5.78 yuan. Beijing Jingneng Power Co Ltd dropped 3.6 percent to 4 yuan. Anhui Conch Cement Co Ltd shed 1.5 percent to 14.66 yuan.
Some oil shares rose after oil prices spiked as the Russia-Ukraine tension spurred concerns about oil supply. Shanghai Lonyer Fuels Co Ltd jumped by the daily limit of 10 percent to 14.63 yuan. China Oilfield Services Ltd rose 1.8 percent to 19.84 yuan.
Property developers also gained. Shanghai New Huang Pu Real Estate Co Ltd urged by 10 percent to 13.46 yuan. China Fortune Land Co Ltd increased 3.6 percent to 20.48 yuan.
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