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Shanghai shares drop most in 3 weeks
By Feng Jianmin |
December 20, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock index dropped the most in nearly three weeks on concerns about the Korean military drill and the European debt crisis.
The benchmark Shanghai Composite Index dropped 1.41 percent, or 40.82 points, to 2,852.92. Turnover grew to 149 billion yuan (US$ 22.4 billion) from last Friday's 93.9 billion yuan.
The Shenzhen Composite Index, which tracks the smaller mainland market, was down 1.3 percent to 1,331.75.
An early tumble on South Korea's launch of live fire artillery exercises near boarder today was partly offset after CNN reported in the afternoon that North Korea has agreed to let United Nations nuclear inspectors back into the country, a move that could ease recent tensions on the peninsula.
Concerns about the European debt crisis lingered after Moody's Investors Service slashed Ireland's credit rating by five notches to Baa1 from Aa2 last Friday. Analysts said that more countries in the euro zone may face a downgrade.
Gold miners gained after gold bullion prices grew as investors seek hedge against growing risks of economic uncertainty under conflicts on the Korean peninsula and European debt crisis. Shandong Gold Mining Co rose 1.5 percent to 55.58 yuan. Zijin Mining Corp, China's largest gold producer, added 1 percent to 8.50 yuan.
Steel makers dropped after an official with Ministry of Industry and Information Technology said over the weekend that firms in the steel sector may make an average 3.5 percent profit this year, ranking the worst among all sectors invested. Baoshan Iron & Steel Co fell 1.5 percent to 6.54 yuan. Wuhan Iron & Steel Co similarly lost 2.2 percent to 4.45 yuan.
The benchmark Shanghai Composite Index dropped 1.41 percent, or 40.82 points, to 2,852.92. Turnover grew to 149 billion yuan (US$ 22.4 billion) from last Friday's 93.9 billion yuan.
The Shenzhen Composite Index, which tracks the smaller mainland market, was down 1.3 percent to 1,331.75.
An early tumble on South Korea's launch of live fire artillery exercises near boarder today was partly offset after CNN reported in the afternoon that North Korea has agreed to let United Nations nuclear inspectors back into the country, a move that could ease recent tensions on the peninsula.
Concerns about the European debt crisis lingered after Moody's Investors Service slashed Ireland's credit rating by five notches to Baa1 from Aa2 last Friday. Analysts said that more countries in the euro zone may face a downgrade.
Gold miners gained after gold bullion prices grew as investors seek hedge against growing risks of economic uncertainty under conflicts on the Korean peninsula and European debt crisis. Shandong Gold Mining Co rose 1.5 percent to 55.58 yuan. Zijin Mining Corp, China's largest gold producer, added 1 percent to 8.50 yuan.
Steel makers dropped after an official with Ministry of Industry and Information Technology said over the weekend that firms in the steel sector may make an average 3.5 percent profit this year, ranking the worst among all sectors invested. Baoshan Iron & Steel Co fell 1.5 percent to 6.54 yuan. Wuhan Iron & Steel Co similarly lost 2.2 percent to 4.45 yuan.
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