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Shanghai index sinks 2.74% on commodity slump
By Ye Zhen |
February 21, 2013, Thursday
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Online Edition
Online Edition
SHANGHAI stocks fell the most in more than eight months as prices of commodities such as oil and precious metals plunged overnight amid talks of unload by a hedge fund.
The benchmark Shanghai Composite Index slid 2.74 percent, or 65.57 points, to 2,331.61 points. Turnover stood at 71.2 billion yuan (US$11.5 billion) by midday.
Commodity stocks plunged yesterday with oil losing more than US$2 per barrel, gold reaching a 7-month low, and platinum, palladium and silver falling more than 3 percent, on speculation that a hedge fund is reducing its holding of oil and metals.
Gold stocks slumped as the Federal Reserve minutes showed the US policy makers debated about the risks of the central bank's bond-buying stimulus policy.
Commodity-linked stocks dragged the Shanghai index down. Shanghai Lonyer Fuels Co fell 4.9 percent to 11.52 yuan. China Oilfield Services Ltd declined 3.2 percent to 17.31 yuan.
Jiangxi Copper Co Ltd dived 7 percent to 24.05 yuan. Shandong Gold Mining Co lost 4.1 percent to 34.97 yuan. Zhongjin Gold Corp shed 4.2 percent to 15.26 yuan.
Most property developers fell after the State Council yesterday urged home-purchase restrictions to curb housing speculation.
China Vanke, the nation's biggest developer, lost 2 percent to 11.21 yuan. Poly Real Estate, the second largest, shed 1.8 percent to 12.17 yuan. Gemdale Corporation dropped 3 percent to 6.91 yuan.
The move by China's central bank to drain liquidity also weighed on the market. The People's Bank of China today withdrew 10 billion yuan from the market via 91-day repurchase agreements and another 10 billion yuan through 28-day agreements, bringing the total extraction to 910 billion yuan this week, the highest weekly amount ever.
The benchmark Shanghai Composite Index slid 2.74 percent, or 65.57 points, to 2,331.61 points. Turnover stood at 71.2 billion yuan (US$11.5 billion) by midday.
Commodity stocks plunged yesterday with oil losing more than US$2 per barrel, gold reaching a 7-month low, and platinum, palladium and silver falling more than 3 percent, on speculation that a hedge fund is reducing its holding of oil and metals.
Gold stocks slumped as the Federal Reserve minutes showed the US policy makers debated about the risks of the central bank's bond-buying stimulus policy.
Commodity-linked stocks dragged the Shanghai index down. Shanghai Lonyer Fuels Co fell 4.9 percent to 11.52 yuan. China Oilfield Services Ltd declined 3.2 percent to 17.31 yuan.
Jiangxi Copper Co Ltd dived 7 percent to 24.05 yuan. Shandong Gold Mining Co lost 4.1 percent to 34.97 yuan. Zhongjin Gold Corp shed 4.2 percent to 15.26 yuan.
Most property developers fell after the State Council yesterday urged home-purchase restrictions to curb housing speculation.
China Vanke, the nation's biggest developer, lost 2 percent to 11.21 yuan. Poly Real Estate, the second largest, shed 1.8 percent to 12.17 yuan. Gemdale Corporation dropped 3 percent to 6.91 yuan.
The move by China's central bank to drain liquidity also weighed on the market. The People's Bank of China today withdrew 10 billion yuan from the market via 91-day repurchase agreements and another 10 billion yuan through 28-day agreements, bringing the total extraction to 910 billion yuan this week, the highest weekly amount ever.
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