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Shares down on liquidity, commodity woes
By Feng Jianmin |
September 26, 2011, Monday
|
Online Edition
Online Edition
SHANGHAI'S key stock index fell in the morning session amid liquidity concerns and a tumbling global commodity market.
The benchmark Shanghai Composite Index lost 0.5 percent 2,421.09 points. Turnover was 26.4 billion yuan (US$4.1 billion).
Concerns on liquidity intensified ahead of five initial public offerings this week. China Hydropower planned to reduce its offering from 3.5 billion to 3 billion shares. The company said it expected to raise 13.5 billion to 14.4 billion yuan during tomorrow's listing.
Gold miners led the decliners after gold prices dropped nearly 6 percent in New York when the market closed last Friday. Shandong Gold Mining Co slid 3.9 percent to 40.95 yuan. Zijing Mining Co shed 2.8 percent to 4.58 yuan.
Banks and property developers were also weak. The Bank of China dipped 0.7 percent to 2.87 yuan. China Vanke fell 0.7 percent to 7.35 yuan.
The benchmark Shanghai Composite Index lost 0.5 percent 2,421.09 points. Turnover was 26.4 billion yuan (US$4.1 billion).
Concerns on liquidity intensified ahead of five initial public offerings this week. China Hydropower planned to reduce its offering from 3.5 billion to 3 billion shares. The company said it expected to raise 13.5 billion to 14.4 billion yuan during tomorrow's listing.
Gold miners led the decliners after gold prices dropped nearly 6 percent in New York when the market closed last Friday. Shandong Gold Mining Co slid 3.9 percent to 40.95 yuan. Zijing Mining Co shed 2.8 percent to 4.58 yuan.
Banks and property developers were also weak. The Bank of China dipped 0.7 percent to 2.87 yuan. China Vanke fell 0.7 percent to 7.35 yuan.
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