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China salt stocks up after Japanese radioactive leaks

2011-03-17 18:48

BEIJING -- Chinese shares closed lower Thursday, snapping Wednesday's rebound, over concerns that Japan's nuclear crisis could cripple the world's third-largest economy.

The benchmark Shanghai Composite Index fell 33.51 points, or 1.14 percent, to 2,897.30 points.

The Shenzhen Component Index dropped 215.08 points, or 1.67 percent, to 12,650.67 points.

Combined turnover rose to 292.19 billion yuan (U$44.48 billion) from 289.2 billion yuan on the previous trading day.

Losers outnumbered gainers 740 to 164 in Shanghai and 1,015 to 184 in Shenzhen.

Yunnan Salt & Salt Chemical Co., Ltd., rose by the daily limit of 10 percent to close at 15.10 yuan per share from the previous trading day, after rumors in some Chinese cities that salt with iodine could help protect people exposed to nuclear radiation.

Although salt producers and related food makers gained momentum, it failed to stop the main board decline led by shipbuilding, steel and property shares.

China State Shipbuilding Corporation fell 5.14 percent to close at 19.18 yuan per share from the previous close.

Steel stocks declined across the board, with Fushun Special Steel Shares Co. Ltd. leading the trend by dropping 4.57 percent to close at 7.52 yuan per share from the previous trading day.

China issued a plan on Wednesday to allocate 35 billion yuan to support the development of low-rent housing. However, this did not manage to incite property shares.

China Vanke Co., the country's largest property developer by market share, fell 0.85 percent from the previous day to close at 8.18 yuan per share.

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