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Shanghai shares drop over jitters about Korean Peninsula
By Feng Jianmin |
December 22, 2010, Wednesday
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Online Edition
Online Edition
SHANGHAI'S key stock index declined today after South Korea announced a plan for its "largest-ever" live-fire military drill. Banks declined while metal producers gained.
The benchmark Shanghai Composite Index lost 0.9 percent, or 26.22 points, to 2,877.9. Turnover fell to 127.7 billion yuan (US$10.5 billion) from yesterday's 138.9 billion yuan.
The Shenzhen Composite Index, which tracks the smaller mainland market, was down 0.8 percent to 1,338.2.
South Korea said the live-fire drill will take place tomorrow near its border with North Korea to deter Pyongyang's provocations.
"The stock market is burdened by both threats from overseas and the lack of good news domestically," GF Securities said in a note. "The previous rally among banks and property developers was not followed by investment. The market will remain weak in the short term."
Banks suffered on concerns profits could be hurt as China's central bank is reportedly considering controlling lending based on lenders' credit. Bank of China dipped 0.6 percent to 3.25 yuan. Industrial and Commercial Bank of China lost 0.7 percent to 4.18 yuan.
Oil producers fell even though the government today raised the price of gasoline and diesel by up to 4 percent to reflect higher crude costs on the international market. PetroChina, the country's largest oil producer, declined 0.7 percent to 11.44 yuan. China Petroleum & Chemical Corp dipped 0.4 percent to 8.23 yuan.
Metal producers outperformed as copper and aluminum futures gained on the Shanghai market following higher prices overseas. Jiangxi Copper Co edged up 0.1 percent to 41.43 yuan. Aluminum Corp of China gained 0.4 percent to close at 10.41 yuan.
The benchmark Shanghai Composite Index lost 0.9 percent, or 26.22 points, to 2,877.9. Turnover fell to 127.7 billion yuan (US$10.5 billion) from yesterday's 138.9 billion yuan.
The Shenzhen Composite Index, which tracks the smaller mainland market, was down 0.8 percent to 1,338.2.
South Korea said the live-fire drill will take place tomorrow near its border with North Korea to deter Pyongyang's provocations.
"The stock market is burdened by both threats from overseas and the lack of good news domestically," GF Securities said in a note. "The previous rally among banks and property developers was not followed by investment. The market will remain weak in the short term."
Banks suffered on concerns profits could be hurt as China's central bank is reportedly considering controlling lending based on lenders' credit. Bank of China dipped 0.6 percent to 3.25 yuan. Industrial and Commercial Bank of China lost 0.7 percent to 4.18 yuan.
Oil producers fell even though the government today raised the price of gasoline and diesel by up to 4 percent to reflect higher crude costs on the international market. PetroChina, the country's largest oil producer, declined 0.7 percent to 11.44 yuan. China Petroleum & Chemical Corp dipped 0.4 percent to 8.23 yuan.
Metal producers outperformed as copper and aluminum futures gained on the Shanghai market following higher prices overseas. Jiangxi Copper Co edged up 0.1 percent to 41.43 yuan. Aluminum Corp of China gained 0.4 percent to close at 10.41 yuan.
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