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Stocks drop on fuel price hike
By Lu Nengneng |
March 20, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S stock market dropped in the morning trade after retail prices for gasoline and diesel were raised to a record high.
The key benchmark Shanghai Composite Index lost 0.77 percent to 2,391.57 points. Turnover stood at 53.2 billion yuan (US$8.4 billion).
The National Development and Reform Commission announced a fuel price increase of 600 yuan per ton last night, citing the recent hike in global crude oil prices as the reason.
Despite the price increase effective today, Sinopec and PetroChina, China's two biggest fuel providers with margins lost in the refining businesses, fell 0.65 percent to 7.59 yuan and 0.29 percent to 10.23 yuan respectively.
The road transportation sector paced the retreat amid worries over rising costs. Jiangxi Changyun Co slumped 4.37 percent to 9.63 yuan. Hubei Yichang Transportation Group was down 2.06 percent to 15.2 yuan.
The aviation and shipping industries also fell. Air China lost 2.53 percent to 6.55 yuan. China Eastern Airlines Corp tumbled 2.22 percent to 3.96 yuan. COSCO Shipping Co sank 3.1 percent to 4.69 yuan.
The key benchmark Shanghai Composite Index lost 0.77 percent to 2,391.57 points. Turnover stood at 53.2 billion yuan (US$8.4 billion).
The National Development and Reform Commission announced a fuel price increase of 600 yuan per ton last night, citing the recent hike in global crude oil prices as the reason.
Despite the price increase effective today, Sinopec and PetroChina, China's two biggest fuel providers with margins lost in the refining businesses, fell 0.65 percent to 7.59 yuan and 0.29 percent to 10.23 yuan respectively.
The road transportation sector paced the retreat amid worries over rising costs. Jiangxi Changyun Co slumped 4.37 percent to 9.63 yuan. Hubei Yichang Transportation Group was down 2.06 percent to 15.2 yuan.
The aviation and shipping industries also fell. Air China lost 2.53 percent to 6.55 yuan. China Eastern Airlines Corp tumbled 2.22 percent to 3.96 yuan. COSCO Shipping Co sank 3.1 percent to 4.69 yuan.
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