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Share gains erased by tumbling commodities
By Feng Jianmin |
September 29, 2011, Thursday
|
Online Edition
Online Edition
YESTERDAY'S gains on Shanghai's key stock index evaporated in the morning session as tumbling metal prices caused losses among commodity producers.
The benchmark Shanghai Composite Index lost 0.83 percent to 2,372.31 points. Turnover rose to 30.7 billion yuan (US$4.8 billion) from yesterday morning's 27.8 billion.
Copper prices in London fell 4.5 percent yesterday on concerns over the worsening European debt crisis after countries remained divided over a bailout fund for indebted countries. Gold prices in New York were 2.1 percent lower and oil prices lost 3.8 percent.
Jiangxi Copper Co fell 2.7 percent to 26.45 yuan. Shandong Gold Mining Co shed 4.7 percent to 37.97 yuan. PetroChina dipped 0.5 percent to 9.71 yuan.
Property developers and banks outperformed after previous losses. Gemdale Corp edged up 0.4 percent to 4.94 yuan. The Bank of Communications rose 0.7 percent to 4.48 yuan.
The benchmark Shanghai Composite Index lost 0.83 percent to 2,372.31 points. Turnover rose to 30.7 billion yuan (US$4.8 billion) from yesterday morning's 27.8 billion.
Copper prices in London fell 4.5 percent yesterday on concerns over the worsening European debt crisis after countries remained divided over a bailout fund for indebted countries. Gold prices in New York were 2.1 percent lower and oil prices lost 3.8 percent.
Jiangxi Copper Co fell 2.7 percent to 26.45 yuan. Shandong Gold Mining Co shed 4.7 percent to 37.97 yuan. PetroChina dipped 0.5 percent to 9.71 yuan.
Property developers and banks outperformed after previous losses. Gemdale Corp edged up 0.4 percent to 4.94 yuan. The Bank of Communications rose 0.7 percent to 4.48 yuan.
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