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Shanghai stock gauge drops 1st in 3 days
By Feng Jianmin |
April 22, 2011, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock index fell for the first time in three days on concerns about slower export growth. Gains in gold miners were more than offset by losses in banks and property developers.
The benchmark Shanghai Composite Index dipped 0.53 percent, or 16.15 points, to 3,010.52. Turnover fell to 138.2 billion yuan (US$ 11.4 billion) from yesterday's 148.3 billion yuan.
China's Ministry of Commerce said today that foreign trade will grow at a slower pace from 2010. Exports will be hurt by uncertain overseas situation, while imports will grow on supporting policies and higher commodity prices.
Gold miners jumped after gold bullion prices touched US$1,509.60 per ounce yesterday in New York as the US dollar index dropped to a 32 months low. Zhongjin Gold Mining Co climbed 4.5 percent to 41.04 yuan. Zijin Mining Co rose 1.2 percent to 8.19 yuan.
Banks and property developers dropped. Agricultural Bank of China fell 1.4 percent to 2.88 yuan. China Construction Bank was down 1.2 percent to 5.18 yuan.
China Vanke, China's largest property developer, shed 1.5 percent at 8.55 yuan. Gemdale Corp lost 0.6 percent to 6.64 yuan.
The benchmark Shanghai Composite Index dipped 0.53 percent, or 16.15 points, to 3,010.52. Turnover fell to 138.2 billion yuan (US$ 11.4 billion) from yesterday's 148.3 billion yuan.
China's Ministry of Commerce said today that foreign trade will grow at a slower pace from 2010. Exports will be hurt by uncertain overseas situation, while imports will grow on supporting policies and higher commodity prices.
Gold miners jumped after gold bullion prices touched US$1,509.60 per ounce yesterday in New York as the US dollar index dropped to a 32 months low. Zhongjin Gold Mining Co climbed 4.5 percent to 41.04 yuan. Zijin Mining Co rose 1.2 percent to 8.19 yuan.
Banks and property developers dropped. Agricultural Bank of China fell 1.4 percent to 2.88 yuan. China Construction Bank was down 1.2 percent to 5.18 yuan.
China Vanke, China's largest property developer, shed 1.5 percent at 8.55 yuan. Gemdale Corp lost 0.6 percent to 6.64 yuan.
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