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August 11, 2017

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Shares fall as metal firms lead decline

SHANGHAI stocks fell yesterday led by decline of nonferrous metal firms after their recent gains prompted China's largest aluminum producer to warn investors of market risks.

The Shanghai Composite Index fell 0.42 percent to 3,261.75 points.

Aluminum Corporation of China, also known as Chalco, shed 4.32 percent to finish at 7.31 yuan and Jiangxi Copper Co Ltd dropped 4.3 percent to close at 19.61 yuan.

In a statement posted on the website of the Shanghai Stock Exchange today, Chalco warned investors to be aware of market volatility and secondary market trading risks.

Iron and steel companies and coal firms were among the biggest decliners, with Angang Steel Company Limited losing 6.20 percent to 7.57 yuan, while Shanxi Coking Co lost 5.19 percent to 9.14 yuan.

"In the past several months steel shares have risen, so an appropriate correction is healthy and reasonable," said Huang Xiaobin, analyst at Huatai Securities in Shenzhen.

Ping An Insurance (Group) Co of China declined 2.52 percent to finish at 50.75 yuan.


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