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Stocks lose 2 percent on the back of falling metal prices
By Pan Xiaoyi |
August 12, 2009, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index lost more than 2 percent in the morning session, led by commodity producers suffering falling metal prices.
The benchmark Shanghai Composite Index fell 2.41 percent, or 78.6 points, to close at 3,186.13 points. Turnover stood at 79.93 billion yuan (US$11.75 billion). Losers out-numbered gainers 747 to 123 and 3 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 2.21 percent to close at 1,076.42 points.
Yunnan Chihong Zinc & Germanium Co plunged 7.04 percent to 27.99 yuan and Jiangxi Copper Co, the nation's biggest producer of the metal, dropped 5.65 percent to 40.1 yuan. Aluminum Corp of China, the country's biggest producer, sank 4.63 percent to 16.69 yuan.
Baoshan Iron & Steel Co tumbled 4.49 percent to 8.5 yuan and Wuhan Iron and Steel Co was down 4.34 percent to 10.14 yuan. Handan Iron & Steel Co dipped 1.9 percent to 6.72 yuan and Inner Mongolia Bao Tou Steel Union Co retreated 5.08 percent to 5.05 yuan.
Shipping lines declined after transport costs for commodities dropped for a ninth day. China Cosco Holdings Co, the world's largest operator of dry-bulk ships, slid 4.08 percent to 16.47 yuan and Cosco Shipping Co, a unit of China's biggest shipping company, slipped 4.79 percent to 13.12 yuan.
Bank of China decreased 1.83 percent to 4.28 yuan and China Merchants Bank Co edged down 1.29 percent to 17.62 yuan. Bank of Communications Co withdrew 1.32 percent to 9.72 yuan and Industrial and Commercial Bank of China eased 2.16 percent to 4.99 yuan.
The benchmark Shanghai Composite Index fell 2.41 percent, or 78.6 points, to close at 3,186.13 points. Turnover stood at 79.93 billion yuan (US$11.75 billion). Losers out-numbered gainers 747 to 123 and 3 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 2.21 percent to close at 1,076.42 points.
Yunnan Chihong Zinc & Germanium Co plunged 7.04 percent to 27.99 yuan and Jiangxi Copper Co, the nation's biggest producer of the metal, dropped 5.65 percent to 40.1 yuan. Aluminum Corp of China, the country's biggest producer, sank 4.63 percent to 16.69 yuan.
Baoshan Iron & Steel Co tumbled 4.49 percent to 8.5 yuan and Wuhan Iron and Steel Co was down 4.34 percent to 10.14 yuan. Handan Iron & Steel Co dipped 1.9 percent to 6.72 yuan and Inner Mongolia Bao Tou Steel Union Co retreated 5.08 percent to 5.05 yuan.
Shipping lines declined after transport costs for commodities dropped for a ninth day. China Cosco Holdings Co, the world's largest operator of dry-bulk ships, slid 4.08 percent to 16.47 yuan and Cosco Shipping Co, a unit of China's biggest shipping company, slipped 4.79 percent to 13.12 yuan.
Bank of China decreased 1.83 percent to 4.28 yuan and China Merchants Bank Co edged down 1.29 percent to 17.62 yuan. Bank of Communications Co withdrew 1.32 percent to 9.72 yuan and Industrial and Commercial Bank of China eased 2.16 percent to 4.99 yuan.
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