Shanghai shares down 0.74%, led by coal and steel stocks

By Ye Zhen | May 15, 2014, Thursday |

Online Edition

SHANGHAI stocks fell this morning as cyclical shares of coal and steel producers continued a weak run. The benchmark Shanghai Composite Index lost 0.74 percent, or 15.12 points, to 2,032.79. Half-day turnover was 31.5 billion yuan (US$5.1 billion).

Coal producers led the market down. Yanzhou Coal Mining slumped 5.7 percent to 7.33 yuan. Shanxi Lu'an Environmental Energy Development declined 3.7 percent to 8.09 yuan.

Steel stocks fell after Baoshan Iron & Steel (Baosteel), China’s largest listed steelmaker, lowered its product prices for two months in a row. Baosteel’s pricing is a benchmark for the rest of the industry in China. Its share price shed 0.5 percent to 3.90 yuan this morning.

Nickel companies also lost after nickel price slumped in London after a rally of more than 15 percent in three days. Jilin Ji’en Nickel Industry sank 6.8 percent to 14.90 yuan.

Investor appetite for A shares weakened as the market underperformed for weeks amid worries about economic slowdown and resumption of initial public offerings.

Data from China Securities Depository and Clearing Co Ltd showed that only about 64,000 new accounts for A-share trading were opened last week, the least since 2007.

Finance

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Shanghai shares down 0.74%, led by coal and steel stocks

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