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Shanghai shares lose on weaker commodity producers
By Joyce Pan |
May 21, 2010, Friday
|
Online Edition
Online Edition
SHANGHAI'S stock extended the losses in the morning session, setting for a fresh low in a year, led by commodity producers as the Europe debt crisis dampened raw material prices.
The benchmark Shanghai Composite Index dropped 0.39 percent, or 9.97 points, to end at 2,545.97 points. Turnover stood at 44.8 billion yuan (US$6.6 billion). Losers outnumbered gainers 567 to 281 and 17 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller mainland market, was up 0.44 percent to close at 988.16 points.
Jiangxi Copper Co withdrew 1.7 percent to 27.71 yuan after copper prices dropped to a 14-week low. Aluminum Corp of China Ltd, the nation's biggest maker of the lightweight metal, fell 2.4 percent to 9.8 yuan.
Crude oil on the New York Mercantile Exchange fell more than 2 percent to below US$70 a barrel, the seventh time in eight days.
PetroChina Co, the largest component of the index, eased 1.3 percent to 10.73 yuan. Sinopec eased 1.3 percent to 8.65 yuan.
US stocks plunged overnight, with the Standard & Poor's 500 Index plunging 3.9 percent, the biggest daily drop in 13 months.
Bucking the downward trend, Xinjiang-based companies got a boost after President Hu Jintao pledged to mount a vast investment drive in the Xinjiang Uygur Autonomous Region to achieve leapfrog development and lasting stability.
Xinjiang Urban Construction Co and Xinjiang Dushanzi Tianli High & New Tech Co surged by 10 percent daily cap to 12.73 yuan and 9.66 yuan, respectively.
The benchmark Shanghai Composite Index dropped 0.39 percent, or 9.97 points, to end at 2,545.97 points. Turnover stood at 44.8 billion yuan (US$6.6 billion). Losers outnumbered gainers 567 to 281 and 17 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller mainland market, was up 0.44 percent to close at 988.16 points.
Jiangxi Copper Co withdrew 1.7 percent to 27.71 yuan after copper prices dropped to a 14-week low. Aluminum Corp of China Ltd, the nation's biggest maker of the lightweight metal, fell 2.4 percent to 9.8 yuan.
Crude oil on the New York Mercantile Exchange fell more than 2 percent to below US$70 a barrel, the seventh time in eight days.
PetroChina Co, the largest component of the index, eased 1.3 percent to 10.73 yuan. Sinopec eased 1.3 percent to 8.65 yuan.
US stocks plunged overnight, with the Standard & Poor's 500 Index plunging 3.9 percent, the biggest daily drop in 13 months.
Bucking the downward trend, Xinjiang-based companies got a boost after President Hu Jintao pledged to mount a vast investment drive in the Xinjiang Uygur Autonomous Region to achieve leapfrog development and lasting stability.
Xinjiang Urban Construction Co and Xinjiang Dushanzi Tianli High & New Tech Co surged by 10 percent daily cap to 12.73 yuan and 9.66 yuan, respectively.
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