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Shanghai shares drop on weaker external outlook
By Ding Yining and Feng Jianmin |
September 9, 2010, Thursday
|
Online Edition
Online Edition
SHANGHAI'S key stock gauge fell the most in two weeks on concerns of a slower economic recovery in the United States. Metal producers dropped on news that regulators would investigate large futures positions in Shanghai.
The benchmark Shanghai Composite Index fell 1.44 percent, or 38.94 points, to close at 2,656.35 points. Turnover was 157.3 billion yuan (US$ 23.2 billion).
The Shenzhen Composite Index, which tracks the smaller domestic market, lost 1.37 percent to close at 1,179.13 points.
A report from the US Federal Reserve said yesterday that the economy was showing "widespread signs of a deceleration."
Heavily-weighted energy shares and steel producers dragged down the index. China Shenhua Energy Co, the country's biggest coal producer, fell 2.1 percent to 23.72 yuan. PetroChina, the biggest index component, was down 1 percent to 10.19 yuan. Baoshan Iron & Steel Co lost 3.31 percent to 6.71 yuan.
Commodity producers retreated as metal and rubber prices dropped in Shanghai on rumors that the China Securities Regulatory Commission was probing large futures positions of natural rubber, and trading of financial derivatives with illegal bank loans.
But the Shanghai Futures Exchange announced that it has yet to receive any notice so far.
Jiangxi Copper Co fell 1.69 percent to 33.81 yuan. Shandong Gold Mining Co slid 3.51 percent to 43.71 yuan. Zijin Mining Co was down 3.13 percent to 6.50 yuan.
Banks were also flat. Industrial Bank retreated 2.43 percent to 13.23 yuan. Bank of Communications lost 0.67 percent to 5.97 yuan. Shanghai Pudong Development Bank slid 2.52 percent to 13.54 yuan.
The benchmark Shanghai Composite Index fell 1.44 percent, or 38.94 points, to close at 2,656.35 points. Turnover was 157.3 billion yuan (US$ 23.2 billion).
The Shenzhen Composite Index, which tracks the smaller domestic market, lost 1.37 percent to close at 1,179.13 points.
A report from the US Federal Reserve said yesterday that the economy was showing "widespread signs of a deceleration."
Heavily-weighted energy shares and steel producers dragged down the index. China Shenhua Energy Co, the country's biggest coal producer, fell 2.1 percent to 23.72 yuan. PetroChina, the biggest index component, was down 1 percent to 10.19 yuan. Baoshan Iron & Steel Co lost 3.31 percent to 6.71 yuan.
Commodity producers retreated as metal and rubber prices dropped in Shanghai on rumors that the China Securities Regulatory Commission was probing large futures positions of natural rubber, and trading of financial derivatives with illegal bank loans.
But the Shanghai Futures Exchange announced that it has yet to receive any notice so far.
Jiangxi Copper Co fell 1.69 percent to 33.81 yuan. Shandong Gold Mining Co slid 3.51 percent to 43.71 yuan. Zijin Mining Co was down 3.13 percent to 6.50 yuan.
Banks were also flat. Industrial Bank retreated 2.43 percent to 13.23 yuan. Bank of Communications lost 0.67 percent to 5.97 yuan. Shanghai Pudong Development Bank slid 2.52 percent to 13.54 yuan.
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