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Shanghai share drop on inflation concern
By Feng Jianmin |
November 29, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI'S key index closed slightly lower today after media reports said that inflation in November will be faster than October. Blue chips underperformed while pharmaceutical firms gained.
The Shanghai Composite Index dipped 0.2 percent, or 5.3 points to 2,866.4. Turnover was 134 billion yuan (US$ 20.2 billion).
The Shenzhen Composite Index, which tracks the smaller market in southern China, was up 0.5 percent to 1,339.3.
The Consumer Price Index in November is likely to range between 4.4 and 5 percent, reported China Securities Journal, citing several experts.
Investors are also keeping an eye on the upcoming central economic work conference that will set the direction for macro-economic policies next year.
Miners led the decliners after the US dollar index rose above 80 as euros decline, restricting growth of commodity prices.
Jiangxi Copper Co shed 2.2 percent to 34.21 yuan. Aluminum Corp of China was down 1.4 percent to 10.22 yuan. Shandong Gold Mining Group Co slid 3.3 percent to 52.72 yuan. China Shenhua Energy Co, China's largest coal producer, fell 1.9 percent to 24.69 yuan.
Pharmaceutical firms led the gainers. Tibet Rhodiola Pharmaceutical Holding Co jumped by the daily limit of 10 percent to 17.92 yuan. Hubei Guangji Pharmaceutical Co similarly surged 10 percent to 13.90 yuan. Shanghai Pharmaceuticals Holding Co added 0.7 percent to 23.81 yuan.
Neighboring markets were generally up after Ireland won a 85 billion-euro (US$ 113 billion) bailout during the weekend, easing worries about the European economic growth. The MSCI Asia Pacific Index added 0.5 percent. Japan's Nikkei Average 225 rose 0.9 percent, Hong Kong's Hang Seng Index grew 0.7 percent, while Singapore Strait Times Index dipped 0.2 percent.
The Shanghai Composite Index dipped 0.2 percent, or 5.3 points to 2,866.4. Turnover was 134 billion yuan (US$ 20.2 billion).
The Shenzhen Composite Index, which tracks the smaller market in southern China, was up 0.5 percent to 1,339.3.
The Consumer Price Index in November is likely to range between 4.4 and 5 percent, reported China Securities Journal, citing several experts.
Investors are also keeping an eye on the upcoming central economic work conference that will set the direction for macro-economic policies next year.
Miners led the decliners after the US dollar index rose above 80 as euros decline, restricting growth of commodity prices.
Jiangxi Copper Co shed 2.2 percent to 34.21 yuan. Aluminum Corp of China was down 1.4 percent to 10.22 yuan. Shandong Gold Mining Group Co slid 3.3 percent to 52.72 yuan. China Shenhua Energy Co, China's largest coal producer, fell 1.9 percent to 24.69 yuan.
Pharmaceutical firms led the gainers. Tibet Rhodiola Pharmaceutical Holding Co jumped by the daily limit of 10 percent to 17.92 yuan. Hubei Guangji Pharmaceutical Co similarly surged 10 percent to 13.90 yuan. Shanghai Pharmaceuticals Holding Co added 0.7 percent to 23.81 yuan.
Neighboring markets were generally up after Ireland won a 85 billion-euro (US$ 113 billion) bailout during the weekend, easing worries about the European economic growth. The MSCI Asia Pacific Index added 0.5 percent. Japan's Nikkei Average 225 rose 0.9 percent, Hong Kong's Hang Seng Index grew 0.7 percent, while Singapore Strait Times Index dipped 0.2 percent.
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