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Shanghai shares drop most in 2 months
By Lydia Chen |
May 4, 2011, Wednesday
|
Online Edition
Online Edition
SHARES in Shanghai slumped the most in more than two months amid a fresh round of concerns about inflation while losses were big in cyclical sectors such as coal, metals producers and mining companies.
The Shanghai Composite Index erased 2.26 percent, the biggest daily drop since February 22, to 2,866.02.
Among all the 74 sectors, railway transportation sector was the only gainer today while coal miners were the biggest losers with a tumble of 4.92 percent for the sector.
Yanzhou Coal Mining Co, China's fourth-biggest coal producer, retreated 7.12 percent to 33.14 yuan (US$5.10)
The falls among coal producers came despite that power-station coal prices at a benchmark Qinhuangdao port extended its rise from a two-and-half-year record to up to 860 yuan a metric ton today.
"There is little room left for coal prices to extend the rally after hitting the record," said Liu Jun, deputy index investment officer, Huatai-Pinebridge Fund Management Co.
"Because as a basic commodity, a continuing rally is not likely when the whole economic focus is to curb inflation," said Liu, who helps the company manage more than 19.54 billion yuan of funds
The Shanghai Composite Index erased 2.26 percent, the biggest daily drop since February 22, to 2,866.02.
Among all the 74 sectors, railway transportation sector was the only gainer today while coal miners were the biggest losers with a tumble of 4.92 percent for the sector.
Yanzhou Coal Mining Co, China's fourth-biggest coal producer, retreated 7.12 percent to 33.14 yuan (US$5.10)
The falls among coal producers came despite that power-station coal prices at a benchmark Qinhuangdao port extended its rise from a two-and-half-year record to up to 860 yuan a metric ton today.
"There is little room left for coal prices to extend the rally after hitting the record," said Liu Jun, deputy index investment officer, Huatai-Pinebridge Fund Management Co.
"Because as a basic commodity, a continuing rally is not likely when the whole economic focus is to curb inflation," said Liu, who helps the company manage more than 19.54 billion yuan of funds
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