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A-Shares Back Under 3,500, Steel Stocks Plunge
600005.SH, 600019.SH, Baoshan Iron & Steel, Wuhan Iron and Steel, macro
Posted by: Li Jun on Mar 31, 2008 | 18:03
Editorial Summary
The Shanghai Composite Index tumbled 3 percent to close at 3,472.7 on Monday, while the Shenzhen Composite Index fell 3.62 percent to close at 1098.5. Trading volume on the Shanghai and Shenzhen Stock Exchanges shrunk to RMB66.8 billion and RMB30.8 billion, respectively.
Shares of Baoshan Iron & Steel Co., Ltd. (600019.SH) and Wuhan Iron and Steel Co., Ltd. (600005.SH) fell 7.87 percent and 7.32 percent to close at RMB 12.41 and RMB 14.19 in Shanghai on Monday, respectively. Baoshan Steel's 2007 net income fell 2.75 percent year-on-year, the first drop since 2001, to RMB 12.7 billion, mostly due to rising raw material costs in the second half of 2007, according to a company filing with Shanghai Stock Exchange earlier last week.
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