Shanghai market extends losss at midday break

By Pan Xiaoyi | August 13, 2009, Thursday |

Online Edition

SHANGHAI'S key stock index extended losses in the morning session on concerns this year's skyrocketing share prices have outperformed corporate earnings and economic outlook.

The benchmark Shanghai Composite Index fell 0.4 percent, or 12.33 points, to close at 3,100.39 points. Turnover stood at 75.58 billion yuan (US$23.16 billion). Losers outnumbered gainers 590 to 264 and 24 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, was down 0.32 percent to close at 1,049.1 points.

PetroChina, the nation's biggest oil producer and the biggest market component, lost 0.57 percent to 14.06 yuan. Sinopec, Asia's largest oil refiner, eased 0.84 percent to 13.01 yuan.

Huaneng Power International Inc, the listed unit of the country's largest power group, slid 2.53 percent to 8.49 yuan. Huadian Power International Corp retreated 2.72 percent to 5.72 yuan. Shanghai Electric Power Co withdrew 2.43 percent to 5.61 yuan.

Coal and metal producers were on the gaining side. Jiangxi Copper Co, the nation's biggest producer of the metal, gained 2.62 percent to 40.39 yuan. Aluminum Corp of China, the country's biggest producer of the metal, advanced 2.7 percent to 16.71 yuan.

Datong Coal Industry Co surged 4.68 percent to 43.15 yuan. Pingdingshan Tianan Coal Mining Co jumped 2.24 percent to 31.48 yuan. China Shenhua Energy Co increased 1.15 percent to 35.28 yuan.

Finance

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Shanghai market extends losss at midday break

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