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Shanghai shares drop again, led by lenders, manufacturers
By Ye Zhen |
June 26, 2013, Wednesday
|
Online Edition
Online Edition
SHANGHAI stocks continued a weak run this morning as lenders and commodity producers declined. The key Shanghai Composite Index lost 25.92 points, or 1.32 percent, to 1,933.59. Turnover was 46.6 billion (US$7.6 billion) by midday.
The banking sector remained weak due to the ongoing credit squeeze even though the central bank said yesterday that it would adjust liquidity supply from time to rein in abnormal fluctuations and stabilize the market.
China Minsheng Banking Corp dropped 3.6 percent to 8.14 yuan. China Merchants Bank fell 2.7 percent to 10.63 yuan. The Industrial and Commercial Bank of China Ltd, the nation's largest lender, fell 2.2 percent to 3.64 yuan.
"Although the regulators signaled that they will take steps to stabilize the market, the outlook won't improve without concrete measures," said Guosen Securities.
Coal producers led the market down amid falling coal prices due to weak demand. China Shenhua Energy Co, the nation's biggest coal producer, dropped 3.4 percent to 16.93 yuan. Shanxi Lu'an Environmental Energy Development Co fell 3.2 percent to 11.96 yuan.
Gold producers fell as Morgan Stanley joined other investment banks to cut its forecast for gold price to US$1,409 per ounce in 2013, down from its earlier estimate of US$1,487.
Zijin Mining Group Co, the nation's biggest gold producer, lost 3.3 percent to 2.38 yuan. Zhongjin Gold Corp fell 2.4 percent to 9.28 yuan.
The banking sector remained weak due to the ongoing credit squeeze even though the central bank said yesterday that it would adjust liquidity supply from time to rein in abnormal fluctuations and stabilize the market.
China Minsheng Banking Corp dropped 3.6 percent to 8.14 yuan. China Merchants Bank fell 2.7 percent to 10.63 yuan. The Industrial and Commercial Bank of China Ltd, the nation's largest lender, fell 2.2 percent to 3.64 yuan.
"Although the regulators signaled that they will take steps to stabilize the market, the outlook won't improve without concrete measures," said Guosen Securities.
Coal producers led the market down amid falling coal prices due to weak demand. China Shenhua Energy Co, the nation's biggest coal producer, dropped 3.4 percent to 16.93 yuan. Shanxi Lu'an Environmental Energy Development Co fell 3.2 percent to 11.96 yuan.
Gold producers fell as Morgan Stanley joined other investment banks to cut its forecast for gold price to US$1,409 per ounce in 2013, down from its earlier estimate of US$1,487.
Zijin Mining Group Co, the nation's biggest gold producer, lost 3.3 percent to 2.38 yuan. Zhongjin Gold Corp fell 2.4 percent to 9.28 yuan.
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