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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.
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