Shares dip as energy and metal firms drop
Print Edition
SHANGHAI stocks dipped yesterday as investors sold energy and metal shares following global price slumps.
The Shanghai Composite Index lost 0.4 percent, or 12.86 points, to 3,222.44 points.
Oil prices slid to near six-year lows. Brent crude dropped below US$46.59 a barrel on Tuesday, while the West Texas Intermediate fell to US$45.89 a barrel.
Huarong Securities said some energy companies have already cut their investment budget in 2015 to avoid rising liquidity issues due to falling oil prices. Investors have also become pessimistic about the profitability of the energy sector.
Yunnan Yuntianhua dropped 5.88 percent to 12 yuan (US$1.94), Liaoning Hongyang Energy Resource Invest Co lost 4.34 percent to 8.81 yuan, and Wanhua Chemical Group fell 4.26 percent to 23.59 yuan.
Copper prices at the London Metal Exchange hit a five-and-a-half-year low on Tuesday.
Rising Nonferrous Metals Share Co fell 3.85 percent to 53.18 yuan, Western Mining Co declined 3.72 percent to 8.53 yuan, and Zijin Mining Group shed 3.49 percent to finish at 3.59 yuan.
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