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Shanghai stocks ease on weaker commodity firms
By Joyce Pan |
January 22, 2010, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock dropped more than 2 percent in the morning session, driving the index to its biggest weekly loss in more than a month, following tumbles in surrounding markets on lower commodity shares.
The benchmark Shanghai Composite Index plunged 2.21 percent, or 69.68 points, to close at 3,089.18 points. Turnover stood at 82 billion yuan (US$12.1 billion).
The London Metals Index, a measure of six metals including copper and aluminum, dropped 1.2 percent yesterday, set for the first weekly loss in six weeks.
Zijin Mining Group Co, the country's largest gold producer, slid 3.4 percent to 8.79 yuan. Zhongjin Gold Corp, the second biggest by market value, slumped 4 percent to 51.31 yuan. Shandong Gold Mining Co sank 3.7 percent to 70.2 yuan.
Xinjiang Ba Yi Iron & Steel Co plummeted 8.7 percent to 13.69 yuan. Jiangxi Copper Co eased 3.7 percent to 35.95 yuan. Aluminum Corp of China buckled 2.8 percent to 13.33 yuan.
Media reports cited EPFR Global as saying that investors pulled US$348 million from China equity funds last week, the most in 18 weeks, on signs the government is ready to drain market liquidity to avert asset bubbles.
Losers outnumbered gainers 811 to 69 while 8 remained unchanged amid a broad selloff in panic.
Sinolink Securities Co shed 5.4 percent to 22.5 yuan. CITIC Securities Co declined 2.7 percent to 29 yuan. Everbright Securities Co withdrew 3 percent to 26.66 yuan. Haitong Securities Co lost 3.6 percent to 17.15 yuan.
The benchmark Shanghai Composite Index plunged 2.21 percent, or 69.68 points, to close at 3,089.18 points. Turnover stood at 82 billion yuan (US$12.1 billion).
The London Metals Index, a measure of six metals including copper and aluminum, dropped 1.2 percent yesterday, set for the first weekly loss in six weeks.
Zijin Mining Group Co, the country's largest gold producer, slid 3.4 percent to 8.79 yuan. Zhongjin Gold Corp, the second biggest by market value, slumped 4 percent to 51.31 yuan. Shandong Gold Mining Co sank 3.7 percent to 70.2 yuan.
Xinjiang Ba Yi Iron & Steel Co plummeted 8.7 percent to 13.69 yuan. Jiangxi Copper Co eased 3.7 percent to 35.95 yuan. Aluminum Corp of China buckled 2.8 percent to 13.33 yuan.
Media reports cited EPFR Global as saying that investors pulled US$348 million from China equity funds last week, the most in 18 weeks, on signs the government is ready to drain market liquidity to avert asset bubbles.
Losers outnumbered gainers 811 to 69 while 8 remained unchanged amid a broad selloff in panic.
Sinolink Securities Co shed 5.4 percent to 22.5 yuan. CITIC Securities Co declined 2.7 percent to 29 yuan. Everbright Securities Co withdrew 3 percent to 26.66 yuan. Haitong Securities Co lost 3.6 percent to 17.15 yuan.
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