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Shanghai shares down on inflation concern
By Feng Jianmin |
November 29, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI'S key index was down in the morning session after media reports said that inflation in November will be faster than October.
The Shanghai Composite Index fell 0.6 percent, or 16.7 points, to 2,855. Turnover was 73.4 billion yuan (US$ 11 billion). The Shenzhen Composite Index, which tracks the smaller market in southern China, dropped 0.9 percent to 12,429.3.
The Consumer Price Index in November is likely to be between 4.4 and 5 percent, the China Securities Journal reported today, 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 the euro declined, driving down commodity prices.
Jiangxi Copper Co shed 2.8 percent to 34.01 yuan. Aluminum Corp of China was down 2 percent to 10.16 yuan. Shandong Gold Mining Group Co slid 3.5 percent to 52.62 yuan. China Shenhua Energy Co, China's largest coal producer, fell 1.6 percent to 24.75 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. Jiangsu Sihuan Bioengineering Co climbed 9 percent to 8.05 yuan.
The Shanghai Composite Index fell 0.6 percent, or 16.7 points, to 2,855. Turnover was 73.4 billion yuan (US$ 11 billion). The Shenzhen Composite Index, which tracks the smaller market in southern China, dropped 0.9 percent to 12,429.3.
The Consumer Price Index in November is likely to be between 4.4 and 5 percent, the China Securities Journal reported today, 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 the euro declined, driving down commodity prices.
Jiangxi Copper Co shed 2.8 percent to 34.01 yuan. Aluminum Corp of China was down 2 percent to 10.16 yuan. Shandong Gold Mining Group Co slid 3.5 percent to 52.62 yuan. China Shenhua Energy Co, China's largest coal producer, fell 1.6 percent to 24.75 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. Jiangsu Sihuan Bioengineering Co climbed 9 percent to 8.05 yuan.
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