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Shanghai index lower as coal and metal stocks drop
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SHANGHAI stocks retreated this morning, dragged down by coal and non-ferrous metal producers. The key Shanghai Composite Index shed 0.06 percent, or 1.24 points, to 2,051.64. Turnover was 44.2 billion yuan (US$7.1 billion) by the noon break.
The index surged the most in seven weeks yesterday after the Chinese government pledged to overhaul the country’s capital market.
Coal producers led the decline this morning after more than 20 coal firms jumped by the daily limit of 10 percent yesterday.
Gui Haoming, analyst at Shenyin & Wanguo Securities, said yesterday the rebound of coal and non-ferrous metal stocks lacked the support of solid fundamentals and investors should not chase the rally.
Shanxi Coal International Energy Group Co Ltd lost 2.3 percent to 4.21 yuan. Yang Quan Coal Industry (Group) Co Ltd fell 2.1 percent to 6.20 yuan. Shanxi Lu'an Environmental Energy Development Co Ltd declined 3.1 percent to 8.16 yuan.
Inner Mongolia Baotou Steel Rare-earth (Group) Hi-tech Co Ltd fell 2.6 percent to 20.04 yuan. Xiamen Tungsten Co Ltd lost 2 percent to 25.56 yuan.
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