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Coal and developers pace decline in Shanghai
By Lydia Chen |
May 31, 2011, Tuesday
|
Online Edition
Online Edition
SHARES in Shanghai closed lower in the morning session today as losses among coal producers and developers paired gains by electricity producers which rallied over a price hike amid a nationwide power shortage.
The Shanghai Composite Index dipped 0.13 percent to 2,702.86. Turnover plunged to 34.52 billion yuan (US$5.32 billion)
Coal producers were the biggest losers in the early session while developers fell in fear of more tightening policies.
Yanzhou Coal Mining Co was down 2.22 percent to 30.87 yuan. Poly Real Estate Group Co declined 3.79 percent to 9.15 yuan.
But electricity producers outperformed the market after China said it will raise electricity prices for the first time in more than a year on business and farmers next month.
Power prices for industrial, agricultural and commercial users in 15 provinces will increase starting tomorrow while those paid by residential customers will remain unchanged, according to National Development and Reform Commission, the country's top economic planner..
China is facing a spreading power shortage that may be the worst on record this summer.
SDIC Huajing Power Holdings Co hiked 2.32 percent to 7.5 yuan.
The Shanghai Composite Index dipped 0.13 percent to 2,702.86. Turnover plunged to 34.52 billion yuan (US$5.32 billion)
Coal producers were the biggest losers in the early session while developers fell in fear of more tightening policies.
Yanzhou Coal Mining Co was down 2.22 percent to 30.87 yuan. Poly Real Estate Group Co declined 3.79 percent to 9.15 yuan.
But electricity producers outperformed the market after China said it will raise electricity prices for the first time in more than a year on business and farmers next month.
Power prices for industrial, agricultural and commercial users in 15 provinces will increase starting tomorrow while those paid by residential customers will remain unchanged, according to National Development and Reform Commission, the country's top economic planner..
China is facing a spreading power shortage that may be the worst on record this summer.
SDIC Huajing Power Holdings Co hiked 2.32 percent to 7.5 yuan.
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