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Shanghai shares drop led by metal producers
By Joyce Pan |
March 22, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock index ended slightly lower in the morning session, led by metal producers after prices retreated after India raised its interest rate to curb inflation.
The benchmark Shanghai Composite Index dipped 0.17 percent, or 5.15 points, to close at 3,062.60 points. Turnover stood at 61.2 billion yuan (US$9 billion). Losers outnumbered gainers 613 to 339 and 37 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 0.21 percent to close at 1,178.97 points.
Metal futures dropped amid market concerns the global economic recovery will falter after India moved to rein in inflationary risks.
Aluminum Corp of China, the nation's biggest maker of the lightweight metal, plunged 3.4 percent to 13.19 yuan. Jiangxi Copper Co decreased 1.7 percent to 35.06 yuan. Yunnan Chihong Zinc & Germanium Co withdrew 1.7 percent to 22.11 yuan.
Zijin Mining Group Co, the country's largest gold producer, eased 1 percent to 8.25 yuan. Zhongjin Gold Corp, the second biggest by market value, was off 1 percent to 49.13 yuan. Shandong Gold Mining Co fell 1.7 percent to 68.18 yuan.
Bucking the downward trend, lenders rebounded as concerns over their financial capabilities eased after banks completed raising funds. Bank of Communications edged up 0.1 percent to 8.11 yuan. Pudong Development Bank jumped 1.7 percent to 22.17 yuan. China Merchants Bank added 0.8 percent to 15.66 yuan.
The benchmark Shanghai Composite Index dipped 0.17 percent, or 5.15 points, to close at 3,062.60 points. Turnover stood at 61.2 billion yuan (US$9 billion). Losers outnumbered gainers 613 to 339 and 37 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 0.21 percent to close at 1,178.97 points.
Metal futures dropped amid market concerns the global economic recovery will falter after India moved to rein in inflationary risks.
Aluminum Corp of China, the nation's biggest maker of the lightweight metal, plunged 3.4 percent to 13.19 yuan. Jiangxi Copper Co decreased 1.7 percent to 35.06 yuan. Yunnan Chihong Zinc & Germanium Co withdrew 1.7 percent to 22.11 yuan.
Zijin Mining Group Co, the country's largest gold producer, eased 1 percent to 8.25 yuan. Zhongjin Gold Corp, the second biggest by market value, was off 1 percent to 49.13 yuan. Shandong Gold Mining Co fell 1.7 percent to 68.18 yuan.
Bucking the downward trend, lenders rebounded as concerns over their financial capabilities eased after banks completed raising funds. Bank of Communications edged up 0.1 percent to 8.11 yuan. Pudong Development Bank jumped 1.7 percent to 22.17 yuan. China Merchants Bank added 0.8 percent to 15.66 yuan.
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