SHANGHAI :
Chinese Stocks Start Lower After Gold Prices Fall on IMF's Lifted Forecast
Dou Shicong
DATE:  Oct 14 2020
/ SOURCE:  Yicai
Chinese Stocks Start Lower After Gold Prices Fall on IMF's Lifted Forecast Chinese Stocks Start Lower After Gold Prices Fall on IMF's Lifted Forecast

(Yicai Global) Oct. 14 -- China's mainland stock markets opened lower this morning, dragged down by shares related to nonferrous metals after international gold prices plunged yesterday due to the International Monetary Fund's revised economic forecast.

The Shanghai Composite Index started 0.18 percent lower at 3,353.62. The Shenzhen Component Index was at 13,781.56, down 0.12 percent. The ChiNext Price Index, which tracks growth enterprises in Shenzhen, fell 0.25 percent to 2,777.89.

Some of the poorest performers were Chifeng Jilong Gold Mining [SHA:600988] that dropped 3.5 percent to CNY17.81 (USD2.65) and Zijin Mining Group [SHA:601899], the largest nonferrous metal miner in China, that began 2.6 percent lower.

London's spot gold price slid over 1.6 percent to USD1,890.92 per ounce after the IMF lifted its global economic outlook, predicting gross domestic product to narrow by 4.4 percent instead of 5.2 percent.

Editor: Emmi Laine

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Keywords:   Shanghai Composite Index,Shenzhen Component Index,ChiNext Price Index