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Shanghai index keeps dipping on weak sentiment
By Lydia Chen |
January 25, 2011, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks continued their lackluster performance amid thin trading this morning despite overnight rallies in the United States and Europe.
The Shanghai Composite Index slipped 0.56 percent to 2,680.71. Turnover declined to 42.76 billion yuan (US$6.50 billion) from yesterday morning's 54.73 billion.
Shares in agriculture, fishing and farming industries were the worst performers among all sectors.
Shandong Oriental Ocean Sci-Tech Co lost 2.81 percent to 14.19 yuan. Heilongjiang Agriculture Co tumbled 2.61 percent to 12.29 yuan.
China International Capital Corp cautioned in a note yesterday that pessimistic sentiment stemming from concerns over additional monetary tightening policies have dominated and will continue to weigh on the market. Broader fluctuations have yet to come, it added.
Meanwhile, positive sentiment over a recovering US economy knocked gold lower yesterday in the global market, with the metal falling to a 10-week low as demand from risk-averse investors waned.
Spot gold slipped to US$1,330.45 per ounce, well down from the record high of US$1.430.95 it touched in December.
Zhongjin Gold Co, the country's second-largest bullion producer by market value, plunged 4.08 percent. Zijin Mining Group Co, China's largest gold producer, decreased 3.05 percent.
The Shanghai Composite Index slipped 0.56 percent to 2,680.71. Turnover declined to 42.76 billion yuan (US$6.50 billion) from yesterday morning's 54.73 billion.
Shares in agriculture, fishing and farming industries were the worst performers among all sectors.
Shandong Oriental Ocean Sci-Tech Co lost 2.81 percent to 14.19 yuan. Heilongjiang Agriculture Co tumbled 2.61 percent to 12.29 yuan.
China International Capital Corp cautioned in a note yesterday that pessimistic sentiment stemming from concerns over additional monetary tightening policies have dominated and will continue to weigh on the market. Broader fluctuations have yet to come, it added.
Meanwhile, positive sentiment over a recovering US economy knocked gold lower yesterday in the global market, with the metal falling to a 10-week low as demand from risk-averse investors waned.
Spot gold slipped to US$1,330.45 per ounce, well down from the record high of US$1.430.95 it touched in December.
Zhongjin Gold Co, the country's second-largest bullion producer by market value, plunged 4.08 percent. Zijin Mining Group Co, China's largest gold producer, decreased 3.05 percent.
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