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Stocks lose 1.38% on fuel price hike
By Lu Nengneng |
March 20, 2012, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S stock market extended yesterday's losses after the logistics sector struggled to deal with the fuel price hike.
The key benchmark Shanghai Composite Index shed 1.38 percent to 2,376.84 points. Turnover stood at 94.6 billion yuan (US$ 15 billion).
The National Development and Reform Commission raised the retail prices of gasoline and diesel by 600 yuan per ton to cope with the spike in global crude oil prices. Fuel prices now stand at a record high after two price increases this year. The last increase was on February 8, by 300 yuan per ton.
China's dominant fuel providers called for a price hike last week to protect their interests after posting huge losses in their refining business last year. They lost the least amid today's stock turmoil. Sinopec fell 0.52 percent to 7.6 yuan and PetroChina dropped 0.49 percent to 10.21 yuan.
Facing rising costs, the shares of road transportation companies retreated. Jiangxi Changyun Co slumped 5.16 percent to 9.55 yuan. Sichuan Fulin Transportation Group plunged 6.38 percent to 9.25 yuan.
The aviation and shipping industries also fell. Air China lost 2.68 percent to 6.54 yuan. China Southern Airlines Co tumbled 2.83 percent to 4.81 yuan. China COSCO Holdings Co, Asia's biggest shipping company, sank 2.65 percent to 5.14 yuan.
The key benchmark Shanghai Composite Index shed 1.38 percent to 2,376.84 points. Turnover stood at 94.6 billion yuan (US$ 15 billion).
The National Development and Reform Commission raised the retail prices of gasoline and diesel by 600 yuan per ton to cope with the spike in global crude oil prices. Fuel prices now stand at a record high after two price increases this year. The last increase was on February 8, by 300 yuan per ton.
China's dominant fuel providers called for a price hike last week to protect their interests after posting huge losses in their refining business last year. They lost the least amid today's stock turmoil. Sinopec fell 0.52 percent to 7.6 yuan and PetroChina dropped 0.49 percent to 10.21 yuan.
Facing rising costs, the shares of road transportation companies retreated. Jiangxi Changyun Co slumped 5.16 percent to 9.55 yuan. Sichuan Fulin Transportation Group plunged 6.38 percent to 9.25 yuan.
The aviation and shipping industries also fell. Air China lost 2.68 percent to 6.54 yuan. China Southern Airlines Co tumbled 2.83 percent to 4.81 yuan. China COSCO Holdings Co, Asia's biggest shipping company, sank 2.65 percent to 5.14 yuan.
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