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Shanghai shares drop on weaker exports
By Feng Jianmin |
November 10, 2010, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S stock market fell in the morning session led by blue chips on China's slower export expansion in October and after commodity prices dipped on a stronger US dollar overnight.
The benchmark Shanghai Composite Index lost 1.12 percent, or 35 points, to close at 3,100. Turnover was 143.5 billion yuan (US$21.6 billion), slightly higher than yesterday morning's 135.7 billion yuan.
The Shenzhen Component Index, which tracks the smaller domestic market in southern China, was down 0.4 percent at 13,657.4 points.
China's export volume in October grew 22.9 percent from last year, 2.2 percentage points slower than in September. While China's import volume increased 25.3 percent, 1.2 percentage points higher than the previous month, the customs said today on its website.
The US dollar continued to strengthen against euro, leading to a dip of gold, oil and basic metal prices on the global markets.
Aluminum Corp of China lost 2 percent to 12.37 yuan. Jiangxi Copper Co dipped 0.7 percent to 44.40 yuan. Zijin Mining Co, China's biggest gold producer, dropped 3 percent to 10.16 yuan. Baoshan Iron & Steel Co declined 2 percent to 7.27 yuan.
Property developers extended previous losses after China's top statistics bureau said home prices in 70 cities rose 8.6 percent from last month, the slowest growth this year, while transaction areas dropped 11.2 percent. Home prices have been posting slower year-on-year growth for six consecutive months.
China Vanke shed 3.8 percent to 9.14 yuan. Gemdale Corp fell 3.5 percent to 6.58 yuan. Poly Real Estate Co tumbled 5 percent to 13.75 yuan.
The benchmark Shanghai Composite Index lost 1.12 percent, or 35 points, to close at 3,100. Turnover was 143.5 billion yuan (US$21.6 billion), slightly higher than yesterday morning's 135.7 billion yuan.
The Shenzhen Component Index, which tracks the smaller domestic market in southern China, was down 0.4 percent at 13,657.4 points.
China's export volume in October grew 22.9 percent from last year, 2.2 percentage points slower than in September. While China's import volume increased 25.3 percent, 1.2 percentage points higher than the previous month, the customs said today on its website.
The US dollar continued to strengthen against euro, leading to a dip of gold, oil and basic metal prices on the global markets.
Aluminum Corp of China lost 2 percent to 12.37 yuan. Jiangxi Copper Co dipped 0.7 percent to 44.40 yuan. Zijin Mining Co, China's biggest gold producer, dropped 3 percent to 10.16 yuan. Baoshan Iron & Steel Co declined 2 percent to 7.27 yuan.
Property developers extended previous losses after China's top statistics bureau said home prices in 70 cities rose 8.6 percent from last month, the slowest growth this year, while transaction areas dropped 11.2 percent. Home prices have been posting slower year-on-year growth for six consecutive months.
China Vanke shed 3.8 percent to 9.14 yuan. Gemdale Corp fell 3.5 percent to 6.58 yuan. Poly Real Estate Co tumbled 5 percent to 13.75 yuan.
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