Shares dip amid weak sentiment

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SHANGHAI stocks dipped yesterday as market sentiment was weighed down by coal mining and steel companies following the central government’s call to ease price surges.

The Shanghai Composite Index lost 0.15 percent to end at 3,246.45 points after a two-day rebound.

A cloud hung over coal miners over a possible cooling in prices in the near future after the National Development and Reform Commission said China would add 200 million tons of coal to help lift supply and reduce prices, Xinhua reported on Tuesday.

Baotailong New Materials Co, a Shanghai-listed coal miner, plunged 7.31 percent to 9.38 yuan (US$1.40), while Fangda Special Steel Technology Co lost 4.63 percent to 12.77 yuan.

Rebar futures posted a five-day decline after the government’s call to dampen speculation.

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