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Steel and cement firms lead Shanghai index down
By Feng Jianmin |
December 15, 2010, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index fell for the first time in four days as gains made by coal miners were overshadowed by losses of steel makers and cement firms.
The benchmark Shanghai Composite Index edged down 0.5 percent, or 15.66 points, to 2,911.41. Turnover fell to 143.4 billion yuan (US$21.6 billion) from yesterday's 153 billion yuan.
The Shenzhen Composite Index, which tracks the smaller mainland market, was down 0.4 percent to 1,345.18.
Coal miners led the gainers on speculation that coal prices will go up as temperature drops. It is also expected that milder-than-expected monetary policies will boost demand of coal next year, a BOC International report said today.
China Shenhua Energy Co, the largest coal producer in China, rose 1.3 percent to 25.19 yuan. Datong Coal Industry Co went up 1.8 percent to 22.33 yuan. Shanxi Xishan Coal & Electricity Power Co added 0.9 percent to 25.97 yaun.
Steel makers declined after a China International Capital Corp report said today that production and demand of steel will be lifted next year, but profits will be eroded by higher prices for raw materials.
Laiwu Steel Corp dropped 4.9 percent to 8.80 yuan. Jinan Iron & Steel Co fell 4.7 percent to 4.04 yuan. Baoshan Iron & Steel Co, China's largest steelmaker, was down 0.9 percent to 6.61 yuan.
Cement firms tumbled after yesterday's rally. Anhui Conch Cement Co went down 2.8 percent to 29.90 yuan. Hebei Taihang Cement Co fell 1.7 percent to 14.28 yuan. Tangshan Jidong Cement Co was 1.6 percent lower at 24.23 yuan.
Metal producers were weak as prices for copper and aluminum futures dipped. Jiangxi Copper Co lost 2.4 percent to 40.86 yuan. Aluminum Corp of China dipped 0.7 percent to 10.39 yuan.
The benchmark Shanghai Composite Index edged down 0.5 percent, or 15.66 points, to 2,911.41. Turnover fell to 143.4 billion yuan (US$21.6 billion) from yesterday's 153 billion yuan.
The Shenzhen Composite Index, which tracks the smaller mainland market, was down 0.4 percent to 1,345.18.
Coal miners led the gainers on speculation that coal prices will go up as temperature drops. It is also expected that milder-than-expected monetary policies will boost demand of coal next year, a BOC International report said today.
China Shenhua Energy Co, the largest coal producer in China, rose 1.3 percent to 25.19 yuan. Datong Coal Industry Co went up 1.8 percent to 22.33 yuan. Shanxi Xishan Coal & Electricity Power Co added 0.9 percent to 25.97 yaun.
Steel makers declined after a China International Capital Corp report said today that production and demand of steel will be lifted next year, but profits will be eroded by higher prices for raw materials.
Laiwu Steel Corp dropped 4.9 percent to 8.80 yuan. Jinan Iron & Steel Co fell 4.7 percent to 4.04 yuan. Baoshan Iron & Steel Co, China's largest steelmaker, was down 0.9 percent to 6.61 yuan.
Cement firms tumbled after yesterday's rally. Anhui Conch Cement Co went down 2.8 percent to 29.90 yuan. Hebei Taihang Cement Co fell 1.7 percent to 14.28 yuan. Tangshan Jidong Cement Co was 1.6 percent lower at 24.23 yuan.
Metal producers were weak as prices for copper and aluminum futures dipped. Jiangxi Copper Co lost 2.4 percent to 40.86 yuan. Aluminum Corp of China dipped 0.7 percent to 10.39 yuan.
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