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English>>China Business

Markets creep downward, ag and related shares rise

(Global Times)

09:30, November 21, 2012

Stock markets in Shanghai and Shenzhen fell Tuesday, accompanied by a decline in trading sentiment.

The Shanghai Composite Index dropped 8.06 points, or 0.40 percent, to close at 2,008.92; while the Shenzhen Component Index lost 0.10 percent, or 7.76 points, to finish at 8,052.79.

Both indices opened higher Tuesday, buoyed by overnight gains in the US and European markets, and fluctuated within a narrow range in early trading. Later contractions in insurance, securities, banking, oil and tourism stocks ultimately pulled both markets back below par by the end of the afternoon session.

In a largely mixed day for A-shares, the agriculture, forestry, animal husbandry, fishery and electric power sectors ranked among the day's best performers.

Liquor producers bounced back after a dismal session Monday, when the sector was battered by reports that products from Jiugui Liquor Co had been found to contain toxic plasticizing agents. Anhui Golden Seed Winery Co went up 5.26 percent to 17.80 yuan ($2.86). Sichuan Tuopai Shede Wine Co climbed 3.93 percent to 25.41 yuan.

Ping An Insurance (Group) Co shaved off 3.18 percent to 35.33 yuan after media reported that HSBC was in talks to sell off its 15.59 percent stake in the company. News of the intended sell-off sparked concerns about the sector's profitability and quickly impacted insurers elsewhere in the market. New China Life Insurance Co dived 2.28 percent to 20.12 yuan.

Brokerages also fared poorly Tuesday. Huatai Securities Co surrendered 2.88 percent to 8.08 yuan.

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