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Baotou Steel Rare-Earth Contributes to Five-Week Low on the Shanghai Composite Index
Oct. 26, 2012 07:45AM PST
Rare Earth InvestingBloomberg reported that the Shanghai Composite Index (SHCOMP) hit a five-week low, dragged down by weak earnings and analyst downgrades.
Bloomberg reported that the Shanghai Composite Index (SHCOMP) hit a five-week low, dragged down by weak earnings and analyst downgrades.
As quoted in the market report:
Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co. (600111), China’s biggest producer of rare earth, tumbled 7 percent to 28.92 yuan for a sixth straight day of declines. Fortune CLSA Securities Ltd. cut its rating to sell from underperform and lowered the share-price estimate to 25 yuan, citing concerns over “destocking pressure” and caution over future prices.
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