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September 11, 2009

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Home » Business » Finance

Shares end down as investors take profit

SHANGHAI'S key stock index closed nearly 1 percent lower yesterday, led by PetroChina and other sluggish heavyweights, as investors took profits after a seven-day rally.

The Shanghai Composite Index shed 0.73 percent, or 21.38 points, to close at 2,924.88. Turnover shrank to 116.9 billion yuan (US$17.19 billion) from 153.3 billion yuan on Wednesday. Losers outpaced gainers 611 to 239 and 23 unchanged.

"The index may fluctuate wider as rallies come under pressure from profit-taking, with resistance at about 3,000 points," Shenyin & Wanguo Securities Co wrote in a research note.

Shares have risen 9.6 percent since a 6.74 percent plunge on August 31, the largest daily slump in 14 months.

"The room for a rebound hinges on whether price, export and industrial production data due out Friday point to economic recovery," the note said.

Forecasters are predicting a stronger industrial growth, a slower decline in exports and a narrower decrease in the consumer price index.

PetroChina, the nation's biggest oil company and the biggest component of the index, lost 0.59 percent to 13.4 yuan. Sinopec, the country's largest oil refiner, fell 1.91 percent to 11.82 yuan.

Gold producers headed south after the bullion price failed to hold above the key resistance level of US$1,000 per ounce.

Shandong Gold Mining Co fell 1.82 percent to 61.99 yuan, Zijin Mining Co lost 2.6 percent to 9.35 yuan and Zhongjin Gold Co shed 3.35 percent to 57.04 yuan.


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