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Market drops as futures prices ebb
30/6/2005 8:55

Zhang Yi/Shanghai Daily news

Shanghai shares fell yesterday led by oil and commodity-related companies after futures prices edged lower on the international markets.
"A decline in prices gave investors a reason to trim holdings amid worries earnings of those firms may be dented," said Lu Chengde, a Guosen Securities Co trader.
The Shanghai Composite Index, which covers yuan-denominated A shares and foreign-currency B shares, eased 0.32 percent to 1,104.99. The A-share Index lost 0.33 percent to 1,160.49 and the B-share Index shed 0.25 percent to 66.22.
The Reuters/Jefferies CRB index of 19 commodities lost 2.2 percent on Tuesday, the biggest decline since 1991. Copper futures on the London Metal Exchange slid 0.6 percent.
Jiangxi Copper Co, China's biggest producer of the metal, lost 0.89 percent to 4.47 yuan (54 US cents).
Crude futures for August delivery in New York fell 3.9 percent on Tuesday to US$58.20 a barrel, the biggest drop in eight weeks, on speculation that fuel supplies increased.
Sinopec Shanghai Petrochemical, China's largest maker of ethylene, slipped 2.89 percent to 3.69 yuan. Sinopec Yizheng Chemical Fibre Co, the country's largest chemical fiber maker, tumbled 4.74 percent to 2.41 yuan.
Bucking the downside, Baoshan Iron & Steel Co, the listed unit of China's biggest steelmaker, increased 2.86 percent to 5.03 yuan.