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Steel and gold companies lead Shanghai gauge down
By Feng Jianmin |
March 17, 2011, Thursday
|
Online Edition
Online Edition
SHANGHAI'S key stock index fell today amid low sentiment and weak performance of global markets. Steel and gold miners led the decliners.
The Shanghai Composite Index lost 1.14 percent to 2,897.30.
Japan's benchmark Nikkei 225 dropped 1.44 percent despite an injection of 6 trillion yuan (US$67 billion) by the Bank of Japan today to stabilize markets. United States Dow Jones Industrial Average dropped 2 percent and Britain's London FTSE was down 1.7 percent yesterday.
Meanwhile, Chinese people's willingness to spend dropped to its lowest in 12 years recently on fast inflation, a central bank's survey showed.
Gold miners dropped after gold bullion prices fell to as low as US$1,386 per ounce. Shandong Gold Mining Co dropped 2 percent to 46.61 yuan. Zijin Mining Group Co, China's largest gold producer, dropped 3 percent to 7.63 yuan.
Steel makers were weak. Baoshan Iron & Steel Co fell 5.4 percent to 7.05 yuan. Angang Steel Co was down 3.9 percent to 7.92 yuan.
Oil producers outperformed on speculation that China may raise oil prices next week to reflect price growth on the global markets. PetroChina was up 0.8 percent to 11.64 yuan. SinoPec rose 1.2 percent to 8.58 yuan.
The Shanghai Composite Index lost 1.14 percent to 2,897.30.
Japan's benchmark Nikkei 225 dropped 1.44 percent despite an injection of 6 trillion yuan (US$67 billion) by the Bank of Japan today to stabilize markets. United States Dow Jones Industrial Average dropped 2 percent and Britain's London FTSE was down 1.7 percent yesterday.
Meanwhile, Chinese people's willingness to spend dropped to its lowest in 12 years recently on fast inflation, a central bank's survey showed.
Gold miners dropped after gold bullion prices fell to as low as US$1,386 per ounce. Shandong Gold Mining Co dropped 2 percent to 46.61 yuan. Zijin Mining Group Co, China's largest gold producer, dropped 3 percent to 7.63 yuan.
Steel makers were weak. Baoshan Iron & Steel Co fell 5.4 percent to 7.05 yuan. Angang Steel Co was down 3.9 percent to 7.92 yuan.
Oil producers outperformed on speculation that China may raise oil prices next week to reflect price growth on the global markets. PetroChina was up 0.8 percent to 11.64 yuan. SinoPec rose 1.2 percent to 8.58 yuan.
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