Stocks fall for 4th day after metal losses ease steel gains
By Ding Yining |
April 29, 2010, Thursday
|
Print Edition
Print Edition
SHANGHAI'S stocks fell for the fourth day after gains in steel makers were overshadowed by losses suffered by metal producers amid a fall in trading as investors became cautious following a weak performance by the United States stock market.
The Shanghai Composite Index lost 0.26 percent, or 7.60 points, to close at 2,900.33. Turnover shrank to 104.9 billion yuan (US$15.4 billion) from Tuesday's 133.4 billion yuan.
The most actively traded May contract of the index futures edged up 0.15 percent to 3,127 points.
The Dow Jones Industrial Average fell more than 200 points on Tuesday, the biggest daily loss in nearly 3 months, after Standard & Poor's cut its rating on Greece's long-term sovereign credit on the country's rising high debt burden. The Nasdaq lost 2.04 percent to 2,471.47, and Dow Jones sank 1.9 percent to 10,991.99.
"The market will remain flat as most of the heavily-weighted shares remain weak and some small caps that previously performed better also fell with a decline in market sentiment," said Zhou Lin, an analyst at Huatai Securities.
China Petroleum and Chemical Corp is said to be planning to issue no more than 20 billion yuan of corporate bonds in May to replenish its capital, Dow Jones Newswires cited two sources familiar with the matter as saying. Sinopec, as the refiner is also known, gained 0.40 percent to 10.03 yuan. PetroChina, the biggest index component, added 0.59 percent to 11.99 yuan.
Steel makers were mixed. Baoshan Iron and Steel, the country's largest steel maker, added 1.88 percent to 6.50 yuan and Wuhan Iron & Steel Co gained 0.54 percent to 5.60 yuan. Beijing Shougang Co lost 0.68 percent to 4.38 yuan.
Jiangxi Copper fell 1.46 percent to 33.81 yuan and Yunnan Copper sank 2.35 percent to 24.53 yuan. Aluminum Corp of China Ltd dipped 0.86 percent to 11.54 yuan. Ningbo Fubang Jingye Group Co lost 3.55 percent to 8.96 yuan.
The Shanghai Composite Index lost 0.26 percent, or 7.60 points, to close at 2,900.33. Turnover shrank to 104.9 billion yuan (US$15.4 billion) from Tuesday's 133.4 billion yuan.
The most actively traded May contract of the index futures edged up 0.15 percent to 3,127 points.
The Dow Jones Industrial Average fell more than 200 points on Tuesday, the biggest daily loss in nearly 3 months, after Standard & Poor's cut its rating on Greece's long-term sovereign credit on the country's rising high debt burden. The Nasdaq lost 2.04 percent to 2,471.47, and Dow Jones sank 1.9 percent to 10,991.99.
"The market will remain flat as most of the heavily-weighted shares remain weak and some small caps that previously performed better also fell with a decline in market sentiment," said Zhou Lin, an analyst at Huatai Securities.
China Petroleum and Chemical Corp is said to be planning to issue no more than 20 billion yuan of corporate bonds in May to replenish its capital, Dow Jones Newswires cited two sources familiar with the matter as saying. Sinopec, as the refiner is also known, gained 0.40 percent to 10.03 yuan. PetroChina, the biggest index component, added 0.59 percent to 11.99 yuan.
Steel makers were mixed. Baoshan Iron and Steel, the country's largest steel maker, added 1.88 percent to 6.50 yuan and Wuhan Iron & Steel Co gained 0.54 percent to 5.60 yuan. Beijing Shougang Co lost 0.68 percent to 4.38 yuan.
Jiangxi Copper fell 1.46 percent to 33.81 yuan and Yunnan Copper sank 2.35 percent to 24.53 yuan. Aluminum Corp of China Ltd dipped 0.86 percent to 11.54 yuan. Ningbo Fubang Jingye Group Co lost 3.55 percent to 8.96 yuan.
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