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Shanghai index lose on weaker metal firms
By Feng Jianmin |
October 26, 2010, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index closed slightly lower today. Oil producers gained after the country raised the fuel price, while metal and gold miners lost.
The benchmark Shanghai Composite Index dipped 0.32 percent, or nearly 10 points, to close at 3,041.5. Turnover stood at 260 billion yuan (US$23 billion), slightly higher than yesterday's 252 billion yuan.
The Shenzhen Component Index, which tracks the smaller market in southern China, closed almost unchanged at 13730.
China's top planner has raised the price of gasoline by 0.17 yuan a liter and diesel by 0.19 yuan a liter. The hike reflects higher crude costs and brings rates back to the level before prices were cut in June by the commission.
Shenzhen Guangju Energy Co jumped by the daily limit of 10 percent to 7.65 yuan. PetroChina, the biggest index component, grew 1 percent to 11.56 yuan. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, dipped 0.54 percent to 9.17 yuan.
Market watchers hold divided opinions whether the modest rise of oil prices will accelerate inflation.
"The market needs a correction after previous gains," said Luo Renyuan, an analyst with Industrial Securities. "Inflation on the global market is likely to continue, but domestic stock prices may fluctuate on jitters about economic outlook and Chinese government's attitude on high prices and liquidity."
Gold miners and copper producers retreated after prices for the metals dipped on New York and London market. Jiangxi Copper Co dropped 3.6 percent to 46.96 yuan. Zijin Mining Group Co, China's largest gold producer, lost 2.8 percent to 10.30 yuan.
Auto makers went mixed on news that the country is considering raising taxes on gas-guzzling large-engine cars while reducing taxes for owners of greener, more efficient vehicles pay. SAIC Motor Co, China's largest car maker, was unchanged at 22 yuan. FAW Car Co fell 2.5 percent to 21.84 yuan. Anhui Jianghuai Automobile Co grew 3.4 percent to 14.38 yuan.
The benchmark Shanghai Composite Index dipped 0.32 percent, or nearly 10 points, to close at 3,041.5. Turnover stood at 260 billion yuan (US$23 billion), slightly higher than yesterday's 252 billion yuan.
The Shenzhen Component Index, which tracks the smaller market in southern China, closed almost unchanged at 13730.
China's top planner has raised the price of gasoline by 0.17 yuan a liter and diesel by 0.19 yuan a liter. The hike reflects higher crude costs and brings rates back to the level before prices were cut in June by the commission.
Shenzhen Guangju Energy Co jumped by the daily limit of 10 percent to 7.65 yuan. PetroChina, the biggest index component, grew 1 percent to 11.56 yuan. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, dipped 0.54 percent to 9.17 yuan.
Market watchers hold divided opinions whether the modest rise of oil prices will accelerate inflation.
"The market needs a correction after previous gains," said Luo Renyuan, an analyst with Industrial Securities. "Inflation on the global market is likely to continue, but domestic stock prices may fluctuate on jitters about economic outlook and Chinese government's attitude on high prices and liquidity."
Gold miners and copper producers retreated after prices for the metals dipped on New York and London market. Jiangxi Copper Co dropped 3.6 percent to 46.96 yuan. Zijin Mining Group Co, China's largest gold producer, lost 2.8 percent to 10.30 yuan.
Auto makers went mixed on news that the country is considering raising taxes on gas-guzzling large-engine cars while reducing taxes for owners of greener, more efficient vehicles pay. SAIC Motor Co, China's largest car maker, was unchanged at 22 yuan. FAW Car Co fell 2.5 percent to 21.84 yuan. Anhui Jianghuai Automobile Co grew 3.4 percent to 14.38 yuan.
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