Chinese markets down on profit taking
Chinese markets dropped today following Friday's 4.8 percent rally in Shanghai and a weekly 5.5 percent gain in Hong Kong. The Shanghai Comprehensive Index slid 0.6 percent to 2894.48. The Hang Seng Index lost 0.9 percent to 21299.35. The Hang Seng Growth Enterprises Index slid 0.08 percent to 656.99. The Hang Seng China Enterprise Index retreated 0.96 percent to 12375.93.
Taiwan's TAIEX Index gained 0.37 percent to 7599.88.
Jiangxi Copper Co.(SH:600362; HKG:0358), China's biggest producer of the metal, dropped 2.02 percent in Shanghai trading and 1.76 percent in Hong Kong trading.
Aluminum Corp. of China (SH:601600;HKG:2600), the nation's biggest producer of the metal, declined 3.85 percent in Shanghai and 2.62 percent in Hong Kong. Copper futures lost 0.51 percent in Shanghai today while Aluminum futures slid 0.10 percent.
PetroChina Co.(SH:601857;HKG:0857), world's largest oil producer, lost 1.44 percent in Shanghai and 0.96 percetn in Hong Kong. Sinopec (SH:601386;HKG:0386), Asina's largest refiner, dropped 1.61 percent in Shanghai and 1.32 percent in Hong Kong. China cut petrol price before the 8-day holiday as oil price dropped.
Consumer goods exporter Li & Fung (HKG:0494) fell 3.8 percent following its 9.6 percent gain last week.
Related news
- Shenzhen up 1.1pct as brokerages support mainland markets while Hong Kong falls on real estate concerns
- Mainland and Hong Kong markets fall most in weeks
- Mainland stock mixed, pharma shares up as U.S. declares H1N1 national emergency
- China markets rise as Shenzhen launches Growth Enterprise Board and hot money starts flowing in again
- China markets slip again despite 8.9pct growth figure for third quarter
- China markets down on profit taking and crude oil drop
- China markets up as Hang Seng property index surges 5.8pct and mainland financials rise gain 2pct
