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Shanghai shares drop on weak global markets
By Feng Jianmin |
November 9, 2010, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S market dipped in the morning session following weak global markets overnight as European debt crisis worsened. Gold producers gained while property developers and banks lost on concerns about inflation and tighter monetary policies.
The benchmark Shanghai Composite Index lost 0.6 percent, or 18.4 points, to close at 3,141. Turnover fell to 135.7 billion yuan (US$20.4 billion) from yesterday's 154.1 billion yuan.
The Shenzhen Component Index, which tracks the smaller domestic market in southern China, was down 0.4 percent at 13,746.5 points.
The spread between Irish and German 10-year bonds ballooned out to a record 550 basis points, while that of the Portugal increased 444 basis points, the most since at least 1997. The difficulties for these countries to raise funds through selling bonds aroused concerns that the crisis may lead to more money printing, thus higher inflation.
Gold producers led the gainers after gold bullion prices jumped to a record high at above US$1,400 per ounce last night on the New York market. Shandong Gold Mining Co went up 1.4 percent to 64.80 yuan. Zhongjin Gold Co rose 1.5 percent to 46.94 yuan. Zijin Mining Co, the country's largest gold producer, was 1.7 percent higher at 10.41 yuan.
Banks and property developers retreated. Agricultural Bank of China went down 1 percent to 2.86 yuan. China Merchants Bank lost 2 percent to 15.26 yuan. Bank of Communications dipped 0.6 percent to 6.33 yuan.
China Vanke, China's largest property developer, fell 3 percent to 9.6 yuan. Poly Real Estate Co also shed 3 percent to 14.63 yuan. China Merchants Property Development Co lost 2 percent to 19.17 yuan.
The benchmark Shanghai Composite Index lost 0.6 percent, or 18.4 points, to close at 3,141. Turnover fell to 135.7 billion yuan (US$20.4 billion) from yesterday's 154.1 billion yuan.
The Shenzhen Component Index, which tracks the smaller domestic market in southern China, was down 0.4 percent at 13,746.5 points.
The spread between Irish and German 10-year bonds ballooned out to a record 550 basis points, while that of the Portugal increased 444 basis points, the most since at least 1997. The difficulties for these countries to raise funds through selling bonds aroused concerns that the crisis may lead to more money printing, thus higher inflation.
Gold producers led the gainers after gold bullion prices jumped to a record high at above US$1,400 per ounce last night on the New York market. Shandong Gold Mining Co went up 1.4 percent to 64.80 yuan. Zhongjin Gold Co rose 1.5 percent to 46.94 yuan. Zijin Mining Co, the country's largest gold producer, was 1.7 percent higher at 10.41 yuan.
Banks and property developers retreated. Agricultural Bank of China went down 1 percent to 2.86 yuan. China Merchants Bank lost 2 percent to 15.26 yuan. Bank of Communications dipped 0.6 percent to 6.33 yuan.
China Vanke, China's largest property developer, fell 3 percent to 9.6 yuan. Poly Real Estate Co also shed 3 percent to 14.63 yuan. China Merchants Property Development Co lost 2 percent to 19.17 yuan.
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