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Shanghai index tumbles to a month low
By Feng Jianmin |
November 16, 2010, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index dropped to a one-month low on concerns that the central government may use administrative measures to control product prices.
Worries about a tighter monetary policy were also intensified after South Korea's central bank raised interest rates by 0.25 percentage point this morning.
The benchmark Shanghai Composite Index tumbled 4 percent, the sixth largest daily decline this year, to close at 2,894.5. Turnover grew to 221.6 billion yuan (US$15.6 billion) from yesterday's 197 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market in southern China, was down 3.5 percent to 1,281.
China's several ministries have decided to control prices through measures to boost production, to adjust resource allocation and to monitor market prices, the Shanghai Securities News reported today.
Experts suggested that administrative measures be imposed to control prices of commodities and agricultural products, the newspaper said.
China will add market supply of aluminum by auctioning 117,000 metric tons of the metal from state reserves from November 23 to November 24, the National Development and Reform Commission said on its website today.
Metal and coal producers dropped after commodity prices declined. Coal prices dipped this week as demand ebbs on improving weather conditions, Industrial Securities said in a report. While both copper and aluminum prices fell more than 1 percent on the London market as the US dollar strengthened on speculation that European banks may offer a bailout to Ireland to ease the country's debt crisis.
Datong Coal Industry Co tumbled 9.3 percent to 20.62 yuan. Jiangxi Copper Co dropped 8.7 percent to 36.32 yuan. Aluminum Corp of China lost 5 percent to 10.78 yuan.
Banks retreated from previous gains. Bank of China was down 3.5 percent at 3.32 yuan. Agricultural Bank of China fell 2.9 percent to 2.67 yuan. China Construction Bank shed 5.3 percent to 4.83 yuan.
Pharmaceutical and bio-technology firms outperformed on news that a new stock index tracking top 380 high growth blue-chips will cover these sectors. The index is set to debut at the end this month.
Chongqing Taiji Industry Group Co jumped by daily limit of 10 percent to 12.52 yuan. Southwest Pharmaceutical Co climbed 5.7 percent to 12.63 yuan. Zhejiang Huahai Pharmaceutical Co grew 2.4 percent to 19.17 yuan.
Worries about a tighter monetary policy were also intensified after South Korea's central bank raised interest rates by 0.25 percentage point this morning.
The benchmark Shanghai Composite Index tumbled 4 percent, the sixth largest daily decline this year, to close at 2,894.5. Turnover grew to 221.6 billion yuan (US$15.6 billion) from yesterday's 197 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market in southern China, was down 3.5 percent to 1,281.
China's several ministries have decided to control prices through measures to boost production, to adjust resource allocation and to monitor market prices, the Shanghai Securities News reported today.
Experts suggested that administrative measures be imposed to control prices of commodities and agricultural products, the newspaper said.
China will add market supply of aluminum by auctioning 117,000 metric tons of the metal from state reserves from November 23 to November 24, the National Development and Reform Commission said on its website today.
Metal and coal producers dropped after commodity prices declined. Coal prices dipped this week as demand ebbs on improving weather conditions, Industrial Securities said in a report. While both copper and aluminum prices fell more than 1 percent on the London market as the US dollar strengthened on speculation that European banks may offer a bailout to Ireland to ease the country's debt crisis.
Datong Coal Industry Co tumbled 9.3 percent to 20.62 yuan. Jiangxi Copper Co dropped 8.7 percent to 36.32 yuan. Aluminum Corp of China lost 5 percent to 10.78 yuan.
Banks retreated from previous gains. Bank of China was down 3.5 percent at 3.32 yuan. Agricultural Bank of China fell 2.9 percent to 2.67 yuan. China Construction Bank shed 5.3 percent to 4.83 yuan.
Pharmaceutical and bio-technology firms outperformed on news that a new stock index tracking top 380 high growth blue-chips will cover these sectors. The index is set to debut at the end this month.
Chongqing Taiji Industry Group Co jumped by daily limit of 10 percent to 12.52 yuan. Southwest Pharmaceutical Co climbed 5.7 percent to 12.63 yuan. Zhejiang Huahai Pharmaceutical Co grew 2.4 percent to 19.17 yuan.
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