Markets
Bank shares drag CSI index lower-Tuesday
By Zhang Shidong and Irene Shen (China Daily)
Updated: 2011-02-16 10:45
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SHANGHAI - Most stocks on the Chinese mainland fell, with the benchmark index erasing gains, as banks slid after lower-than-estimated inflation failed to ease concerns of more tightening. Commodity producers rose after metal and oil prices climbed.
Industrial and Commercial Bank of China Ltd (ICBC), the world's largest lender by market value, declined 0.69 percent on Tuesday. Consumer prices rose 4.9 percent last month from a year earlier, as prices excluding food surged the most in at least six years. Jiangxi Copper Co climbed to a one-month high after copper rallied to a record while Huaxin Cement Co jumped to a three-year high after China International Capital Corp said prices of the building material will increase.
About 10 stocks fell for every seven that rose on the Shanghai Composite Index, which added less than 0.01 percent to 2899.24 at the 3 pm close on Tuesday. The CSI 300 Index lost 0.05 percent to 3217.67.
A measure of financial stocks slid 0.7 percent, the biggest contributor to losses among the CSI 300's 10 industry groups.
Shanghai Pudong Development Bank Co fell 0.84 percent to 13.03 yuan ($2). ICBC dropped 0.69 percent to 4.34 yuan.
China Vanke Co, the nation's biggest listed property developer, retreated 0.23 percent to 8.58 yuan. Gemdale Corp lost 1.27 percent to 7.01 yuan.
The Shanghai gauge plunged 14 percent in 2010.
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Jiangxi Copper advanced 3.24 percent to 42.34 yuan. Aluminum Corp of China Ltd climbed 4.31 percent to 11.38 yuan.
Huaxin Cement gained 4.43 percent to 37.94 yuan, the highest close since January 2008. Anhui Conch Cement Co rose 0.41 percent to 33.91 yuan.
Beijing Sanyuan Foods Co, a dairy producer, jumped by the maximum 10 percent to 7.65 yuan.
Bloomberg News
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