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Weak global outlook pulls Shanghai market lower
By Feng Jianmin |
April 13, 2011, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index dipped in the morning session amid weak performance of overseas stock markets after commodity prices dropped overnight in concerns for the global economic slowdown. Metal and oil producers led the decliners.
The benchmark Shanghai Composite Index was down 0.24 percent, or 7.22 points, to close at 3014.15. Turnover fell to 77.4 billion yuan (US$11.8 billion) from yesterday morning's 84.2 billion yuan.
Oil prices fell 3.3 percent to a two-week low of US$106 a barrel yesterday in New York, while copper price was down from US$9,855 a ton to US$9,630, the largest decline in five months.
Data show China imported 15.6 percent less copper in the first quarter from a year earlier, and a Goldman Sachs report said indicated that commodity prices have already peaked and invited selling.
Jiangxi Copper Co fell 2.3 percent to 39.32 yuan. PetroChina, the largest oil producer in the country, was down 1.3 percent to 11.89 yuan.
Property developers were weak after the central government sent out investigation teams to inspect measures taken by local governments to control housing price. The investigation is expected to be completed next week.
China Vanke, the largest property developer in China, dipped 0.5 percent to 8.81 yuan. China Merchants Property Development Co dropped 2 percent to 18.28 yuan.
The benchmark Shanghai Composite Index was down 0.24 percent, or 7.22 points, to close at 3014.15. Turnover fell to 77.4 billion yuan (US$11.8 billion) from yesterday morning's 84.2 billion yuan.
Oil prices fell 3.3 percent to a two-week low of US$106 a barrel yesterday in New York, while copper price was down from US$9,855 a ton to US$9,630, the largest decline in five months.
Data show China imported 15.6 percent less copper in the first quarter from a year earlier, and a Goldman Sachs report said indicated that commodity prices have already peaked and invited selling.
Jiangxi Copper Co fell 2.3 percent to 39.32 yuan. PetroChina, the largest oil producer in the country, was down 1.3 percent to 11.89 yuan.
Property developers were weak after the central government sent out investigation teams to inspect measures taken by local governments to control housing price. The investigation is expected to be completed next week.
China Vanke, the largest property developer in China, dipped 0.5 percent to 8.81 yuan. China Merchants Property Development Co dropped 2 percent to 18.28 yuan.
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