Zhang Yi/Shanghai Daily news

Shares in Shanghai edged down yesterday, paced by power utilities after Huadian Power International Corp posted lower first-half profit on increased fuel costs.
The Shanghai Composite Index, which covers yuan-denominated A shares and foreign-currency B shares,lost 0.05 percent to 1,171.86. The Ashare Index shed 0.03 percent to 1,231.76 while the B-share Index lost 2.04 percent to 65.18.
“Rising costs, such as fuel and transport fees, are putting the squeeze on power stocks,”said Liu Yu, an Orient Securities Co analyst.
“It’s also hard for power suppliers to pass on the costs as they themselves can’t raise electricity rates at will.”
Huadian Power, the nation’s thirdlargest listed power producer, plunged 1.59 percent to 3.10 yuan (38 US cents).
The company said in a statement that half-year net profit dropped 31 percent to 454 million yuan as higher coal costs dented earnings.
Operating costs jumped 56.8 percent from a year earlier to 4.99 billion yuan during the six months while revenue rose 34.2 percent to 6.4 billion yuan, the statement said.
Shanghai Electric Power Co, which supplies a third of the city’s electricity, shed 0.17 percent to 5.94 yuan.
Shenergy Co, another Shanghai’s power generating firm, dived 2.27 percent to 5.60 yuan.
Chongqing Brewery Co lost 1.41 percent to 9.80 yuan.