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Steel and cement makers drop in Shanghai
By Feng Jianmin |
December 15, 2010, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index closed flat this morning as gains made by coal miners were overshadowed by losses of steel makers and cement producers.
The benchmark Shanghai Composite Index edged down 0.1 percent, or 5.8 points, to 2,917.15. Turnover fell to 73.4 billion yuan (US$11 billion) from yesterday morning's 86.5 billion yuan.
The Shenzhen Composite Index, which tracks the smaller mainland market, was up 0.13 percent to 1,352.54.
Coal miners led the gainers on speculation that coal prices will remain high as temperature dropped. A BOC International report said today that milder-than-expected monetary policies will boost demand of coal next year.
China Shenhua Energy Co, the largest coal producer in China, rose 2.4 percent to 25.45 yuan. Datong Coal Industry Co went up 2.8 percent to 22.55 yuan. Shanxi Xishan Coal & Electricity Power Co climbed 3.3 percent to 26.59 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 4.7 percent to 8.82 yuan. Jinan Iron & Steel Co fell 5 percent to 4.03 yuan. Baoshan Iron & Steel Co, China's largest steelmaker, was down 0.8 percent to 6.62 yuan.
Cement firms fell 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.
The benchmark Shanghai Composite Index edged down 0.1 percent, or 5.8 points, to 2,917.15. Turnover fell to 73.4 billion yuan (US$11 billion) from yesterday morning's 86.5 billion yuan.
The Shenzhen Composite Index, which tracks the smaller mainland market, was up 0.13 percent to 1,352.54.
Coal miners led the gainers on speculation that coal prices will remain high as temperature dropped. A BOC International report said today that milder-than-expected monetary policies will boost demand of coal next year.
China Shenhua Energy Co, the largest coal producer in China, rose 2.4 percent to 25.45 yuan. Datong Coal Industry Co went up 2.8 percent to 22.55 yuan. Shanxi Xishan Coal & Electricity Power Co climbed 3.3 percent to 26.59 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 4.7 percent to 8.82 yuan. Jinan Iron & Steel Co fell 5 percent to 4.03 yuan. Baoshan Iron & Steel Co, China's largest steelmaker, was down 0.8 percent to 6.62 yuan.
Cement firms fell 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.
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