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Shanghai market dips on higher fuel cost
By Feng Jianmin |
October 26, 2010, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index fell in the morning session after the country raised fuel price by 3 percent.
The benchmark Shanghai Composite Index dipped 0.34 percent, or 10.4 points, to close at 3,041. Turnover grew to 153 billion yuan (US$23 billion) from yesterday morning's 127.1 billion yuan.
The Shenzhen Component Index, which tracks the smaller market in southern China, fell 0.4 percent to 13,678.
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.
Oil producers led the gainers. PetroChina, the biggest index component, grew 1.8 percent to 11.65 yuan. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, added 0.54 percent to 9.27 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, rose 1 percent to 22.20 yuan. FAW Car Co fell 2.6 percent to 21.82 yuan. Beiqi Foton Motor Co went up 2.78 percent to 28.51 yuan.
Gold miners and metal producers retreated from previous hike. Jiangxi Copper Co dropped 3.6 percent to 46.98 yuan. Aluminum Corp of China fell 1.9 percent to 12.62 yuan. Zijin Mining Group Co, China's largest gold producer, lost 2 percent to 10.4 yuan.
The benchmark Shanghai Composite Index dipped 0.34 percent, or 10.4 points, to close at 3,041. Turnover grew to 153 billion yuan (US$23 billion) from yesterday morning's 127.1 billion yuan.
The Shenzhen Component Index, which tracks the smaller market in southern China, fell 0.4 percent to 13,678.
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.
Oil producers led the gainers. PetroChina, the biggest index component, grew 1.8 percent to 11.65 yuan. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, added 0.54 percent to 9.27 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, rose 1 percent to 22.20 yuan. FAW Car Co fell 2.6 percent to 21.82 yuan. Beiqi Foton Motor Co went up 2.78 percent to 28.51 yuan.
Gold miners and metal producers retreated from previous hike. Jiangxi Copper Co dropped 3.6 percent to 46.98 yuan. Aluminum Corp of China fell 1.9 percent to 12.62 yuan. Zijin Mining Group Co, China's largest gold producer, lost 2 percent to 10.4 yuan.
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