Related News
Steel and bank shares lead the decline in Shanghai
By Feng Jianmin |
August 3, 2010, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S stock market dropped the most in two weeks as investers remained cautious about the economic outlook.
The benchmark Shanghai Composite Index fell 1.7 percent, or 45.5 points, to close at 2,655.57 points. Turnover expanded to 130.4 billion yuan (US$19.2 billion) from yesterday's 110.2 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, lost 1.65 percent to close at 1,079 points.
"The late day slump revealed that the market lacks confidence to hold stocks in the short term," said Xiangcai Securities. "It's time to secure the profit for investers with lower risk appetite."
Coal producers outperformed the market on growing demand for power as temperature rises. Shanxi Xishan Coal & Electricity Power Co added 0.65 percent to 21.84 yuan. Datong Coal Industry Co climbed 2.13 percent to 16.79 yuan. China Coal Energy Co fell 1.4 percent to 9.89 yuan.
Steel makers led the losers after China Iron and Steel Association said China's steel export may shrink in the second half. Baoshan Iron & Steel Co lost 2.57 percent to 6.45 yuan. Xinjiang Ba Yi Iron & Steel Co fell 3.58 percent to 11.58 yuan. Angang Steel Co retreated 3.24 percent to 8.66 yuan.
Banks were weak. Industrial and Commercial Bank of China went down 1.6 percent to 4.3 yuan. Bank of China fell 1.66 percent to 3.56 yuan. Bank of Communications was 2.54 percent lower at 6.52 yuan.
The benchmark Shanghai Composite Index fell 1.7 percent, or 45.5 points, to close at 2,655.57 points. Turnover expanded to 130.4 billion yuan (US$19.2 billion) from yesterday's 110.2 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, lost 1.65 percent to close at 1,079 points.
"The late day slump revealed that the market lacks confidence to hold stocks in the short term," said Xiangcai Securities. "It's time to secure the profit for investers with lower risk appetite."
Coal producers outperformed the market on growing demand for power as temperature rises. Shanxi Xishan Coal & Electricity Power Co added 0.65 percent to 21.84 yuan. Datong Coal Industry Co climbed 2.13 percent to 16.79 yuan. China Coal Energy Co fell 1.4 percent to 9.89 yuan.
Steel makers led the losers after China Iron and Steel Association said China's steel export may shrink in the second half. Baoshan Iron & Steel Co lost 2.57 percent to 6.45 yuan. Xinjiang Ba Yi Iron & Steel Co fell 3.58 percent to 11.58 yuan. Angang Steel Co retreated 3.24 percent to 8.66 yuan.
Banks were weak. Industrial and Commercial Bank of China went down 1.6 percent to 4.3 yuan. Bank of China fell 1.66 percent to 3.56 yuan. Bank of Communications was 2.54 percent lower at 6.52 yuan.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
