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Shares fall as investor sentiment declines
Print Edition
SHANGHAI stocks dipped as investors were dampened by falling share prices of nonferrous metals companies as well as the weak performance of steel producers.
The Shanghai Composite Index shed 0.29 percent to 2,311.68 points.
Investor sentiment fell after a report released yesterday by the Shanghai Metal Exchange showed prices of all nonferrous metals traded there decline.
Baoji Titanium Industry dropped 3.77 percent to 18.10 yuan (US$2.95), while Anhui Xinke New Materials lost 2.95 percent to 14.16 yuan.
Investors were also disappointed by the Producer Price Index, the factory-gate measurement of inflation released yesterday by the National Bureau of Statistics, which fell 1.2 percent year on year. The report also disclosed that prices of the steel industry fell more than 10 percent year on year.
Nanjing Iron & Steel lost 3.88 percent to 2.23 yuan, while Xinyu Iron & Steel dropped 3.22 percent to 3.61 yuan.
“The drop in PPI was even larger than last month due to weak market demand and overcapacity,” the Bank of Communications said in a notice yesterday.
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