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Shanghai shares drop, led by commodity counters
By Joyce Pan |
May 5, 2010, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index dropped more than 1 percent in the morning session, led by commodity producers as raw material prices plunged on concerns over a European debt crisis.
The benchmark Shanghai Composite Index fell 1.17 percent, or 33.04 points, to 2,802.24 points. Turnover stood at 56.1 billion yuan (US$8.25 billion). Gainers outnumbered losers 521 to 364 and 13 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.06 percent to close at 1,105.51 points.
Jiangxi Copper, the largest producer of the metal, dived 5.6 percent to 31.6 yuan. Aluminum Crop of China, the nation's biggest maker of the lightweight metal, shed 4.8 percent to 10.8 yuan.
PetroChina, the nation's top oil company and the largest component of the index, slid 1.9 percent to 11.74 yuan. Sinopec, Asia's largest oil refiner, eased 1.9 percent to 9.77 yuan.
Auto makers were among the losers after the Xinhua news agency reported vehicle sales in China in April rose 40 percent from a year earlier to 1.39 million units, compared with an increase of 63 percent in March.
SAIC Motor Corp retreated 4 percent to 17.67 yuan. FAW Car Co, a partner with Volkswagen AG, withdrew 4.2 percent to 17.63 yuan.
Chongqing Changan Automobile Co, the partner of Ford Motor Co and Mazda Motor Corp, lost 2.2 percent to 10.92 yuan after saying sales in April rose 23 percent from a year earlier to 144,524 vehicles.
Elsewhere, Ping An Insurance (Group) Co, China's second-largest insurer, dropped 2 percent to 48.03 yuan. Ping An said it received approval from the regulator to acquire a stake in Shenzhen Development Bank Co.
The benchmark Shanghai Composite Index fell 1.17 percent, or 33.04 points, to 2,802.24 points. Turnover stood at 56.1 billion yuan (US$8.25 billion). Gainers outnumbered losers 521 to 364 and 13 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was up 0.06 percent to close at 1,105.51 points.
Jiangxi Copper, the largest producer of the metal, dived 5.6 percent to 31.6 yuan. Aluminum Crop of China, the nation's biggest maker of the lightweight metal, shed 4.8 percent to 10.8 yuan.
PetroChina, the nation's top oil company and the largest component of the index, slid 1.9 percent to 11.74 yuan. Sinopec, Asia's largest oil refiner, eased 1.9 percent to 9.77 yuan.
Auto makers were among the losers after the Xinhua news agency reported vehicle sales in China in April rose 40 percent from a year earlier to 1.39 million units, compared with an increase of 63 percent in March.
SAIC Motor Corp retreated 4 percent to 17.67 yuan. FAW Car Co, a partner with Volkswagen AG, withdrew 4.2 percent to 17.63 yuan.
Chongqing Changan Automobile Co, the partner of Ford Motor Co and Mazda Motor Corp, lost 2.2 percent to 10.92 yuan after saying sales in April rose 23 percent from a year earlier to 144,524 vehicles.
Elsewhere, Ping An Insurance (Group) Co, China's second-largest insurer, dropped 2 percent to 48.03 yuan. Ping An said it received approval from the regulator to acquire a stake in Shenzhen Development Bank Co.
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