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.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
