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Shanghai shares drop again ahead of key data
By Hu Xiaocen |
June 7, 2013, Friday
|
Online Edition
Online Edition
SHANGHAI stocks retreated seven days in a row this morning before the release of key economic data, sending the Shanghai Composite Index towards its first weekly loss in six weeks.
The benchmark index fell 0.77 percent to 2,224.74 points by the noon break, led by coal miners and oil producers.
China is due to release the May data of its foreign trade, industrial output and CPI in the next two days. Analysts said the data may point to a weaker-than-expected economic growth.
Exports are estimated to increase 7.5 percent year-on-year in May, a sharp drop from April's rate of 14.7 percent, market watchers said.
China's CPI may rise 2.4 percent in May at the same pace as in April, according to the Industrial and Commercial Bank of China.
Oil refiners sank after the National Development and Reform Commission cut gasoline prices by 95 yuan per ton and diesel by 90 yuan per ton.
Sinopec, the nation's largest oil refiner, slumped 1 percent to 6.64 yuan in the morning session, while PetroChina lost 0.5 percent to 8.33 yuan.
China Shenhua Energy Co, the country's biggest coal producer, lost 0.2 percent to 20.32 yuan. Datong Coal Industry Co, the third-largest producer, slipped 1 percent to 7.39 yuan. Yanzhou Coal Mining Co skid 1.9 percent to 13.81 yuan.
The benchmark index fell 0.77 percent to 2,224.74 points by the noon break, led by coal miners and oil producers.
China is due to release the May data of its foreign trade, industrial output and CPI in the next two days. Analysts said the data may point to a weaker-than-expected economic growth.
Exports are estimated to increase 7.5 percent year-on-year in May, a sharp drop from April's rate of 14.7 percent, market watchers said.
China's CPI may rise 2.4 percent in May at the same pace as in April, according to the Industrial and Commercial Bank of China.
Oil refiners sank after the National Development and Reform Commission cut gasoline prices by 95 yuan per ton and diesel by 90 yuan per ton.
Sinopec, the nation's largest oil refiner, slumped 1 percent to 6.64 yuan in the morning session, while PetroChina lost 0.5 percent to 8.33 yuan.
China Shenhua Energy Co, the country's biggest coal producer, lost 0.2 percent to 20.32 yuan. Datong Coal Industry Co, the third-largest producer, slipped 1 percent to 7.39 yuan. Yanzhou Coal Mining Co skid 1.9 percent to 13.81 yuan.
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