Published on ShanghaiDaily.com (http://www.shanghaidaily.com/)
http://www.shanghaidaily.com/sp/article/2008/200811/20081112/article_380359.htm
Market slides at midday as coal, energy producers fizzle
Created: 2008-11-12 12:22:06
Author:Lydia Chen
SHANGHAI’S key stock index slipped in the morning session due to weak performances among coal and energy producers.
The benchmark Shanghai Composite Index lost 0.82 percent, or 15.05 points, to 1,825.56 points at 11:30am.
Losers outnumbered gainers 473 to 286 and 65 did not change.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 0.44 percent, or 2.20 points, to 492.34 points.
China Shenhua Energy Co, the country’s largest coal producer, lost 3.12 percent to 18.65 yuan (US$2.73). Yanzhou Coal Mining Co, the nation’s third-biggest coal producer by market value, also decreased 2.52 percent to 8.51 yuan.
Datang International Power Generation Co, a unit of China's second-biggest electricity producer, shed 2.30 percent to 6.38 yuan. The company said yesterday that it plans to more than double investment in a nuclear power project in China.
Drops among oil-related shares also contributed to the morning loss after oil prices continued a downward spiral and hit a 20-month low yesterday.
PetroChina, the nation’s largest oil producer and biggest market heavyweight, was down 1.18 percent to 10.86 yuan. Sinopec, the largest oil refiner, buckled 2.18 percent to 7.18 yuan.
Light, sweet crude for December delivery fell US$3.08 to settle at US$59.33 a barrel on the New York Mercantile Exchange, the lowest closing price since March 2007.
The latest decline in crude prices comes two days ahead of a report from the International Energy Agency, which some analysts expect will cut its 2009 oil demand forecast for the third consecutive month.
Elsewhere, airlines showed a mixed performance in morning trading. Shanghai-based China Eastern Airlines, the nation’s third largest by fleet size, edged up 0.33 percent to 3.06 yuan while China Southern Airlines, the largest by fleet size, dipped 0.34 percent to 2.94 yuan.
Chinese airlines posted a combined loss of 4.2 billion yuan in the first 10 months of the year because of natural disasters and the Olympics, the nation's aviation regulator said today.
Total passenger numbers increased 2.4 percent in the period to 159.7 million, Liu Shaocheng, head of research for the Civil Aviation Administration of China, said at a conference in Beijing this morning.
The benchmark Shanghai Composite Index lost 0.82 percent, or 15.05 points, to 1,825.56 points at 11:30am.
Losers outnumbered gainers 473 to 286 and 65 did not change.
The Shenzhen Composite Index, which tracks the smaller domestic market, was down 0.44 percent, or 2.20 points, to 492.34 points.
China Shenhua Energy Co, the country’s largest coal producer, lost 3.12 percent to 18.65 yuan (US$2.73). Yanzhou Coal Mining Co, the nation’s third-biggest coal producer by market value, also decreased 2.52 percent to 8.51 yuan.
Datang International Power Generation Co, a unit of China's second-biggest electricity producer, shed 2.30 percent to 6.38 yuan. The company said yesterday that it plans to more than double investment in a nuclear power project in China.
Drops among oil-related shares also contributed to the morning loss after oil prices continued a downward spiral and hit a 20-month low yesterday.
PetroChina, the nation’s largest oil producer and biggest market heavyweight, was down 1.18 percent to 10.86 yuan. Sinopec, the largest oil refiner, buckled 2.18 percent to 7.18 yuan.
Light, sweet crude for December delivery fell US$3.08 to settle at US$59.33 a barrel on the New York Mercantile Exchange, the lowest closing price since March 2007.
The latest decline in crude prices comes two days ahead of a report from the International Energy Agency, which some analysts expect will cut its 2009 oil demand forecast for the third consecutive month.
Elsewhere, airlines showed a mixed performance in morning trading. Shanghai-based China Eastern Airlines, the nation’s third largest by fleet size, edged up 0.33 percent to 3.06 yuan while China Southern Airlines, the largest by fleet size, dipped 0.34 percent to 2.94 yuan.
Chinese airlines posted a combined loss of 4.2 billion yuan in the first 10 months of the year because of natural disasters and the Olympics, the nation's aviation regulator said today.
Total passenger numbers increased 2.4 percent in the period to 159.7 million, Liu Shaocheng, head of research for the Civil Aviation Administration of China, said at a conference in Beijing this morning.
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