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Stocks extend losses on tumbling metal prices
By Feng Jianmin |
September 29, 2011, Thursday
|
Online Edition
Online Edition
SHANGHAI'S key stock index extended yesterday's decline as tumbling metal prices caused losses among commodity producers.
The benchmark Shanghai Composite Index lost 1.12 percent to 2,365.34 points. Turnover was 57 billion yuan (US$8.9 billion).
Copper prices in London fell 4.5 percent yesterday on concerns over the worsening European debt crisis after countries remained divided over a bailout fund for indebted countries. Gold prices in New York were 2.1 percent lower and oil prices lost 3.8 percent.
Jiangxi Copper Co fell 2.6 percent to 26.48 yuan. Shandong Gold Mining Co shed 4.4 percent to 38.09 yuan. PetroChina added 0.2 percent to 9.78 yuan.
Property developers and banks bounced back after previous losses. Gemdale Corp rose 1 percent to 4.97 yuan. The Bank of Communications rose 0.7 percent to 4.48 yuan.
The benchmark Shanghai Composite Index lost 1.12 percent to 2,365.34 points. Turnover was 57 billion yuan (US$8.9 billion).
Copper prices in London fell 4.5 percent yesterday on concerns over the worsening European debt crisis after countries remained divided over a bailout fund for indebted countries. Gold prices in New York were 2.1 percent lower and oil prices lost 3.8 percent.
Jiangxi Copper Co fell 2.6 percent to 26.48 yuan. Shandong Gold Mining Co shed 4.4 percent to 38.09 yuan. PetroChina added 0.2 percent to 9.78 yuan.
Property developers and banks bounced back after previous losses. Gemdale Corp rose 1 percent to 4.97 yuan. The Bank of Communications rose 0.7 percent to 4.48 yuan.
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