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China markets fall on profit taking, Jiangxi Copper, Aluminum Corp of China, PetroChina retreat

12th Oct 2009, 6:58 am China markets fall on profit taking, Jiangxi Copper, Aluminum Corp of China, PetroChina retreat

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.

 

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