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Shares fall on concerns of production slowdown
By Feng Jianmin |
August 12, 2010, Thursday
|
Online Edition
Online Edition
SHANGHAI'S key stock index fell in the morning session, taking cues from the weak performance of overseas markets overnight, on concerns of slower industrial expansion.
The benchmark Shanghai Composite Index fell 0.75 percent, or 19.57 points, to close at 2,587.93 points. Turnover stood at 47.9 billion yuan (US$ 7.05 billion) from yesterday morning's 49.4 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, went down 0.57 percent to close at 1,090.05 points.
Metal producers led the losers as statistics from China's top statistics bureau indicated that their output in July fell on shrinking demand. Jiangxi Copper Co, the nation's biggest producer of the metal, retreated 2.07 percent to 27.86 yuan.
Aluminum Corp of China, the nation's biggest maker of the lightweight metal and also called Chalco, fell 2.02 percent to 10.20 yuan. Yunnan Aluminium Co lost 0.88 percent to 8.96 yuan.
Banks were weak. Bank of China dipped 0.58 percent to 3.43 yuan. Industrial and Commercial Bank of China fell 1.19 percent to 4.14 yuan. China Merchants Bank lost 1.59 percent to 13.66 yuan.
Property developers extended yesterday's gains. China Merchants Property Development advanced 4.46 percent to 19.67 yuan. Poly Real Estate Co rose 1.68 percent to 12.79 yuan. Gemdale Corp added 0.87 percent to 6.96 yuan.
The benchmark Shanghai Composite Index fell 0.75 percent, or 19.57 points, to close at 2,587.93 points. Turnover stood at 47.9 billion yuan (US$ 7.05 billion) from yesterday morning's 49.4 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, went down 0.57 percent to close at 1,090.05 points.
Metal producers led the losers as statistics from China's top statistics bureau indicated that their output in July fell on shrinking demand. Jiangxi Copper Co, the nation's biggest producer of the metal, retreated 2.07 percent to 27.86 yuan.
Aluminum Corp of China, the nation's biggest maker of the lightweight metal and also called Chalco, fell 2.02 percent to 10.20 yuan. Yunnan Aluminium Co lost 0.88 percent to 8.96 yuan.
Banks were weak. Bank of China dipped 0.58 percent to 3.43 yuan. Industrial and Commercial Bank of China fell 1.19 percent to 4.14 yuan. China Merchants Bank lost 1.59 percent to 13.66 yuan.
Property developers extended yesterday's gains. China Merchants Property Development advanced 4.46 percent to 19.67 yuan. Poly Real Estate Co rose 1.68 percent to 12.79 yuan. Gemdale Corp added 0.87 percent to 6.96 yuan.
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