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Weaker small caps affect broad market in Shanghai
By Lydia Chen |
March 29, 2011, Tuesday
|
Online Edition
Online Edition
SHANGHAI stock market made a U turn in the afternoon trading today, with its key index down for the first time in three days amid slumps at ChiNext and SME boards.
The Shanghai Composite Index erased morning gains and traded 0.87 percent lower to 2,958.08.
ChiNext, a Nasdaq-style board for start-ups in Shenzhen, tumbled 3.14 percent while the small and medium enterprises board saw a fall of 2.1 percent.
Analysts blamed the falls in these boards discouraged investors' participation, offsetting gains by heavyweights such as banks, steel makers and insurers in the Shanghai market.
Gold producers declined the most in Shanghai after price of the metal fell in world markets as signs indicated that the recovering US economy will erode demand for the metal as an alternative investment.
Zhongjin Gold Co sank 3.22 percent to 36.42 yuan (US$5.55)while Shandong Gold Mining Co tumbled 4.31 percent to 51.11 yuan.
The Shanghai Composite Index erased morning gains and traded 0.87 percent lower to 2,958.08.
ChiNext, a Nasdaq-style board for start-ups in Shenzhen, tumbled 3.14 percent while the small and medium enterprises board saw a fall of 2.1 percent.
Analysts blamed the falls in these boards discouraged investors' participation, offsetting gains by heavyweights such as banks, steel makers and insurers in the Shanghai market.
Gold producers declined the most in Shanghai after price of the metal fell in world markets as signs indicated that the recovering US economy will erode demand for the metal as an alternative investment.
Zhongjin Gold Co sank 3.22 percent to 36.42 yuan (US$5.55)while Shandong Gold Mining Co tumbled 4.31 percent to 51.11 yuan.
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