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Bank losses offset high-tech gains
By Feng Jianmin |
May 19, 2010, Wednesday
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Online Edition
Online Edition
SHANGHAI stocks closed almost unchanged today as losses in property and bank sector offsets gains in the high-tech sector amid market uncertainty.
The benchmark Shanghai Composite Index edged down 6.97 points or 0.27 percent to 2,587.81. Turnover shrank to 78.98 billion yuan (US$ 11.58 billion) from yesterday's 84.66 billion yuan. Losing shares outnumbered gainers by 569 to 334, and 195 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, rose 0.38 percent to close at 997.46 points.
"Significant rebound is unlikely to happen with small turnover," said analysts from Huatai Securities. "The market will remain obscure until restrictive measures on property yield actual effects."
Home prices remain high one month after the central government published strict regulations to curb asset speculation, according to the bureau of statistics in major cities.
Property developers retreated from yesterday's rebound. Huayuan Property Co slid 5.44 percent or 0.37 yuan to 6.43 yuan. China Vanke Co lost 1.09 percent to 7.26 yuan. Gemdale, whose turnover ranked first in the Shanghai bourse, gained 0.49 percent to 6.21 yuan.
Banks also performed weakly. Bank of China lost 1.01 percent to 3.91 yuan. China Construction Bank edged down 0.59 percent to 5.03 yuan. Industrial and Commercial Bank of China remained unchanged at 4.39 yuan after it won shareholder approval to raise as 25 billion yuan by selling bonds in the Shanghai bourse. China Merchant Bank lost 0.94 percent to 13.64 yuan.
Steel mills went flat on cooling demand and concerns of a European debt crisis. Baoshan Steel & Iron Co and Beijing Shougang Co each gained 0.01 yuan to close at 6.47 yuan and 3.94 yuan. Inner Mongolian Baotou Steel Union lost 0.03 yuan or 0.88 percent to 3.38 yuan.
High tech and clean energy sector gained as the central government vowed to encourage private investment, and after US Commerce Secretary Gary Locke arrived in Shanghai with 24 businesses to seek bilateral investment in green technology on Monday.
Datang Telecom Technology Co jumped 9.99 percent to 15.2 yuan after investing 1 billion yuan in promoting the Internet of Things with companies in Jiangsu Province. Hanwang Techonology Co Ltd surged by the 10 percent daily cap to 158.40 yuan after launching its TouchPad, which aimed to compete with Apple's iPad in the domestic market.
GD Power Development Co advanced 2.48 percent to 3.72 yuan. China Yangtze Power Co gained 0.96 percent to 12.65 yuan.
The benchmark Shanghai Composite Index edged down 6.97 points or 0.27 percent to 2,587.81. Turnover shrank to 78.98 billion yuan (US$ 11.58 billion) from yesterday's 84.66 billion yuan. Losing shares outnumbered gainers by 569 to 334, and 195 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, rose 0.38 percent to close at 997.46 points.
"Significant rebound is unlikely to happen with small turnover," said analysts from Huatai Securities. "The market will remain obscure until restrictive measures on property yield actual effects."
Home prices remain high one month after the central government published strict regulations to curb asset speculation, according to the bureau of statistics in major cities.
Property developers retreated from yesterday's rebound. Huayuan Property Co slid 5.44 percent or 0.37 yuan to 6.43 yuan. China Vanke Co lost 1.09 percent to 7.26 yuan. Gemdale, whose turnover ranked first in the Shanghai bourse, gained 0.49 percent to 6.21 yuan.
Banks also performed weakly. Bank of China lost 1.01 percent to 3.91 yuan. China Construction Bank edged down 0.59 percent to 5.03 yuan. Industrial and Commercial Bank of China remained unchanged at 4.39 yuan after it won shareholder approval to raise as 25 billion yuan by selling bonds in the Shanghai bourse. China Merchant Bank lost 0.94 percent to 13.64 yuan.
Steel mills went flat on cooling demand and concerns of a European debt crisis. Baoshan Steel & Iron Co and Beijing Shougang Co each gained 0.01 yuan to close at 6.47 yuan and 3.94 yuan. Inner Mongolian Baotou Steel Union lost 0.03 yuan or 0.88 percent to 3.38 yuan.
High tech and clean energy sector gained as the central government vowed to encourage private investment, and after US Commerce Secretary Gary Locke arrived in Shanghai with 24 businesses to seek bilateral investment in green technology on Monday.
Datang Telecom Technology Co jumped 9.99 percent to 15.2 yuan after investing 1 billion yuan in promoting the Internet of Things with companies in Jiangsu Province. Hanwang Techonology Co Ltd surged by the 10 percent daily cap to 158.40 yuan after launching its TouchPad, which aimed to compete with Apple's iPad in the domestic market.
GD Power Development Co advanced 2.48 percent to 3.72 yuan. China Yangtze Power Co gained 0.96 percent to 12.65 yuan.
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