Slower rise in power use saps key index
Print Edition
SHANGHAI stocks yesterday fell for a third straight day as coal producers shed the most after China’s electricity consumption posted a slower rise in April.
The Shanghai Composite Index declined 1.12 percent, or 22.94 points, to 2,024.97.
China’s electricity use, a sign of economic activity, rose 4.6 percent on year in April, down from March’s 7.2 percent surge, the National Energy Administration said.
In the first four months of this year, power use jumped 5.2 percent from the same period of last year, slightly down from the 5.4 percent growth in the first quarter.
Li Longhai, analyst with Dongguan Securities, said coal demand will not recover in the short term because China may not unveil massive stimulus measures to boost the economy, while rising coal imports also hit domestic suppliers.
Yanzhou Coal Mining fell 4.9 percent to 7.39 yuan (US$1.19). Datong Coal Industry shed 7.6 percent to 5.74 yuan. Anhui Hengyuan Coal Industry and Electricity Power fell 5.3 percent to 5.73 yuan.
The fall in nickel prices in London also hit Jilin Ji’en Nickel Industry which fell 5.8 percent to 15.05 yuan.
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