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Shanghai index slumps on weaker cement and coal firms
By Feng Jianmin |
March 15, 2011, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index dropped in the morning session on concerns Japan's reconstruction may be slowed down by a shortage of power, taking cue from Japanese stock market's tumble in the second consecutive day.
The Shanghai Composite Index slid 2.14 percent to 2,874.63. Turnover rose to 110 billion yuan (US$19.7 billion) from yesterday morning's 89.2 billion yuan.
Japanese benchmark Nikkei 225 Index tumbled 10 percent by 1pm local time after a third explosion at Fukushima Daiichi nuclear plant this morning. The nuclear plant previously provided 6 percent of Japan's electric power.
Cement producers led the decliners after yesterday's rally. Henan Tongli Cement Co dropped 6.8 percent to 16.50 yuan. Fujian Cement Inc shed 5.4 percent to 9.56 yuan.
Coal miners also dropped on concerns that recent gains in the sector may be excessive. Anhui Hengyuan Coal Industry and Electricity Power Co tumbled by the daily limit of 10 percent to 45.95 yuan. Yanzhou Coal Mining Co lost 6 percent to 29.75 yuan.
Drug makers outperformed on speculation that demand may rise on fear for radiation leakage. Merro Pharmaceutical Co jumped by daily limit of 10 percent to 18.74 yuan. Liuzhou Liangmianzhen Co, a herbal drug maker, rose 6 percent to 9.37 yuan.
The Shanghai Composite Index slid 2.14 percent to 2,874.63. Turnover rose to 110 billion yuan (US$19.7 billion) from yesterday morning's 89.2 billion yuan.
Japanese benchmark Nikkei 225 Index tumbled 10 percent by 1pm local time after a third explosion at Fukushima Daiichi nuclear plant this morning. The nuclear plant previously provided 6 percent of Japan's electric power.
Cement producers led the decliners after yesterday's rally. Henan Tongli Cement Co dropped 6.8 percent to 16.50 yuan. Fujian Cement Inc shed 5.4 percent to 9.56 yuan.
Coal miners also dropped on concerns that recent gains in the sector may be excessive. Anhui Hengyuan Coal Industry and Electricity Power Co tumbled by the daily limit of 10 percent to 45.95 yuan. Yanzhou Coal Mining Co lost 6 percent to 29.75 yuan.
Drug makers outperformed on speculation that demand may rise on fear for radiation leakage. Merro Pharmaceutical Co jumped by daily limit of 10 percent to 18.74 yuan. Liuzhou Liangmianzhen Co, a herbal drug maker, rose 6 percent to 9.37 yuan.
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