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Steel, gold lead market lower in morning
By Feng Jianmin |
March 17, 2011, Thursday
|
Online Edition
Online Edition
SHANGHAI'S key stock index fell in the morning session amid low sentiment. Steel and gold miners led the decliners.
The Shanghai Composite Index lost 0.51 percent to 2,915.98. Turnover rose to 96.6 billion yuan (US$14.7 billion) from yesterday morning's 84.4 billion yuan.
Japan's benchmark Nikkei 225 dropped 2 percent by the noon break despite an injection of 6 trillion yuan (US$67 billion) by the Bank of Japan today to stabilize market.
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 around US$1,390 per ounce. Shandong Gold Mining Co dropped 1.9 percent to 46.69 yuan. Zijin Mining Group Co, China's largest gold producer, dropped 3 percent to 7.64 yuan.
Steelmakers were weak. Baoshan Iron & Steel Co fell 3.5 percent to 7.19 yuan. Angang Steel Co was down 1.5 percent to 8.12 yuan.
Oil producers outperformed on speculation that China may raise oil prices next week to reflect price growth on the global market. PetroChina was up 0.7 percent to 11.63 yuan. SinoPec rose 1.4 percent to 8.60 yuan.
The Shanghai Composite Index lost 0.51 percent to 2,915.98. Turnover rose to 96.6 billion yuan (US$14.7 billion) from yesterday morning's 84.4 billion yuan.
Japan's benchmark Nikkei 225 dropped 2 percent by the noon break despite an injection of 6 trillion yuan (US$67 billion) by the Bank of Japan today to stabilize market.
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 around US$1,390 per ounce. Shandong Gold Mining Co dropped 1.9 percent to 46.69 yuan. Zijin Mining Group Co, China's largest gold producer, dropped 3 percent to 7.64 yuan.
Steelmakers were weak. Baoshan Iron & Steel Co fell 3.5 percent to 7.19 yuan. Angang Steel Co was down 1.5 percent to 8.12 yuan.
Oil producers outperformed on speculation that China may raise oil prices next week to reflect price growth on the global market. PetroChina was up 0.7 percent to 11.63 yuan. SinoPec rose 1.4 percent to 8.60 yuan.
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