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China shares lower in early trade, led by Chalco on H1 profit warning
- China Aluminium Network
- Post Time: 2008/6/23
- Click Amount: 741
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SHANGHAI (XFN-ASIA) - China shares were lower in early trade, led by nonferrous metals stocks after Chalco issued a first-half profit warning.
At 9:44 am, the benchmark Shanghai Composite Index was down 40.08 points or 1.42 pct at 2,791.66.
Aluminum Corp of China (Chalco) (SHA 601600; HK 2600) led declines, falling 5.55 pct to 12.26 yuan. The company said its first half to June net profit would be down more than 50 pct under Chinese accounting standards due to production halts caused by snowstorms and higher prices of raw materials and fuels.
Yunnan Copper Industry (SZA 000878) was down 3.09 pct at 16.33 yuan.
Oil refiners retreated after crude oil futures jumped 2.69 usd to settle at 134.62 usd a barrel on the New York Mercantile Exchange on Friday.
PetroChina (SHA 601857; HK 0857), the biggest index component, fell 2.08 pct to 15.53 yuan.
China Petroleum & Chemical Corp (Sinopec) (SHA 600028; HK 0386; NYSE SNP) lost 4.05 pct to 12.31 yuan.
(1 usd = 6.9 yuan)
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