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Stock index sags over gloomy outlook
By Feng Jianmin |
August 12, 2010, Thursday
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Online Edition
Online Edition
SHANGHAI'S key stock index fell today, amid weak performance of neighbouring markets on concerns of slower economic recovery worldwide.
The benchmark Shanghai Composite Index fell 1.23 percent, or 32 points, to close at 2,575.48 points. Turnover stood at 96 billion yuan (US$14.1 billion), slightly higher than yesterday's 88.8 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, shed 1.2 percent to close at 1,083.12 points.
Property developers retreated after noon, paring previous gains. Poly Real Estate Co slipped 0.16 percent to 12.56 yuan. Gemdale Corp lost 0.72 percent to 6.85 yuan. China Merchants Property Development advanced 3.13 percent to 19.42 yuan.
Metal producers led the losers as statistics from the National Statistics Bureau indicated that their output in July fell on shrinking demand. Jiangxi Copper Co, the nation's biggest metal producer, lost 2.57 percent to 27.74 yuan.
Aluminum Corp of China, the nation's biggest maker of lightweight metal, also called Chalco, fell 2.59 percent to 10.14 yuan. Yunnan Aluminium Co lost 2.77 percent to 8.79 yuan.
Banks were weak. Bank of China dipped 0.58 percent to 3.43 yuan. Industial and Commercial Bank of China fell 1.67 percent to 4.12 yuan. China Merchants Bank lost 2.23 percent to 13.57 yuan.
The benchmark Shanghai Composite Index fell 1.23 percent, or 32 points, to close at 2,575.48 points. Turnover stood at 96 billion yuan (US$14.1 billion), slightly higher than yesterday's 88.8 billion yuan.
The Shenzhen Composite Index, which tracks the smaller domestic market, shed 1.2 percent to close at 1,083.12 points.
Property developers retreated after noon, paring previous gains. Poly Real Estate Co slipped 0.16 percent to 12.56 yuan. Gemdale Corp lost 0.72 percent to 6.85 yuan. China Merchants Property Development advanced 3.13 percent to 19.42 yuan.
Metal producers led the losers as statistics from the National Statistics Bureau indicated that their output in July fell on shrinking demand. Jiangxi Copper Co, the nation's biggest metal producer, lost 2.57 percent to 27.74 yuan.
Aluminum Corp of China, the nation's biggest maker of lightweight metal, also called Chalco, fell 2.59 percent to 10.14 yuan. Yunnan Aluminium Co lost 2.77 percent to 8.79 yuan.
Banks were weak. Bank of China dipped 0.58 percent to 3.43 yuan. Industial and Commercial Bank of China fell 1.67 percent to 4.12 yuan. China Merchants Bank lost 2.23 percent to 13.57 yuan.
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