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Shares edge down 0.56% dragged by material producers

(Xinhua)
Updated: 2009-02-12 16:07

Chinese equities extended losses from the previous trading by moving down 0.56 percent Thursday, led by falls of material producers.

The Shanghai Composite Index lost 12.73 points, or 0.56 percent, to close at 2,248.09, but the Shenzhen Component Index went up 0.36 percent, or 29.59 points, to 8,318.80.

Related readings:  Hong Kong stocks close 2.3% lower on Thursday  Chinese shares edge down 0.19% following Wall Street plunge  Shipbuilders to get government ballast  Asia stocks fall amid skepticism over US bank plan

Combined turnover declined to 221.1 billion yuan ($32.36 billion) from 267.93 billion yuan on the previous day.

Gains outnumbered losses by 517 to 344 in Shanghai and 453 to 292 in Shenzhen.

The government rolled out plans to boost the ship building industry on Wednesday. Measures included banning new shipyards for three years and supporting domestic-vessel purchases.

In addition, financial institutions were encouraged to increase credit for purchasers of exported ships, and extend fiscal and financial support for domestic buyers of oceangoing vessels until 2012.

Buoyed by the plan, China CSSC Holdings Limited rose by the daily limit of 10 percent to 58.48 yuan. Guangzhou Shipyard International Company Limited rose by the daily limit of 10 percent to 20.89 yuan.

Beijing Jingxi Tourism Development Co advanced by the daily limit of 10 percent to 10.91 yuan on the news that US based Universal Studios was expected to open a theme park in the Tongzhou District of Beijing. Tsinghua Unisplendour Corporation Limited, an information technology company, rose by the daily limit of 10 percent to 13.19 yuan.

However, gains failed to offset falls by material producers.

US crude oil traded at $35.94 a barrel, down 4.3 percent on Wednesday after the International Energy Agency said global energy demand would post its biggest decline since 1982. It was the fourth consecutive contraction of oil prices.

A US government report also announced a larger-than-expected increase of oil inventory at 4.7 million barrels. The previous forecast was 3 million barrels.

Shares of coal producers dropped after global crude oil prices fell, as investors decided lower oil prices indicated decreased demand energy.

China Shenhua Energy Company Limited, the country's largest coal producer, lost 4.29 percent to 21.21 yuan. Pingdingshan Tianan Coal Mining Co dipped 4.96 percent to 18.22 yuan.

Metal shares added to the market decline. Non-ferrous metal prices fell after market disappointment because China's domestic and foreign demand for metal dropped.

The General Administration of Customs said Wednesday that China's export volume went down 17.5 percent year-on-year to $90.45 billion in January. Its import volume fell by a much larger 43.1 percent to $51.43 billion.

Data from the customs administration showed in 2008, copper imports dropped 5.1 percent to 2.637 million tons from a year ago and copper exports slid 0.8 percent to 620,000 tons.

Shanghai copper shed 1,480 yuan per tonne to 27,960 yuan per tonne. Stocks of other materials followed the lead.

Affected by the news, Yunnan Tin Group lost 2.59 percent to 15.77 yuan.Yunnan copper lost 2.64 percent to 14.41 yuan. Shandong Nanshan Aluminum Co moved down 2.98 percent to 8.80 yuan.