Stocks drop on sensitive commodities
Print Edition
SHANGHAI shares fell yesterday as raw materials and nonferrous metals firms took a big hit ahead of the UK referendum on whether to stay in the European Union.
The benchmark Shanghai Composite Index shed 0.47 percent to close at 2,891.96 points, falling below the key 2,900-point level again.
Nonferrous metal companies tumbled. Hong Hao, chief China strategist at Bocom International Holdings Co, said this was because industrial and raw material shares were badly affected by the UK vote on whether to stay in or exit the EU as commodities are sensitive to the volatility of foreign exchange.
The results of the vote are expected to be released this morning.
Xiamen Tungsten Co slumped 7 percent to 26.95 yuan (US$4.10), and Rising Nonferrous Metals Share Co dived 9.37 percent to 57.09 yuan.
At least four Chinese lenders, including the Bank of China and the Agriculture Bank of China, yesterday advised clients against taking large positions in the currency market.
HSBC estimated that if the UK votes to leave the EU, the pound could tumble by as much as 20 percent.
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