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Banks and developers drop in Shanghai
By Feng Jianmin and Pan Xiaoyi |
September 28, 2010, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index ended lower today as losses in banks and property developers overshadowed gains in rare earth firms.
The benchmark Shanghai Composite Index went down 0.63 percent, or 16.61 points, to close at 2,611.35 points. Turnover expanded to 93.1 billion yuan (US$13.7 billion) from 90.5 billion yuan on the previous trading day.
The Shenzhen Composite Index, which tracks the smaller mainland exchange, decreased 0.62 percent to 1,163.32.
Metal producers extended previous gains after the country cut export quotas of rare earth, raw material used in liquid crystal displays and wind turbines, for the second half of the year, which has been driving up prices.
Aluminum Corp of China jumped by the 10 percent daily limit to 10.88 yuan after the Xinhua news agency reported that its parent agreed to invest in rare-earth production. Rising Nonferrous Metals Share Co jumped 7.3 percent to 47.91 yuan. Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co advanced 1.64 percent to 72.04 yuan.
Banks were weak after the China Business News cited an unidentified insider as saying that the country may start a second round of curbs on property speculation.
China Merchants Bank slid 1.8 percent to 12.61 yuan. China Construction Bank lost 0.2 percent to 4.56 yuan. Shanghai Pudong Development Bank shed 2.7 percent to 12.58 yuan.
Property developers underperformed. Gemdale Corp was off 0.8 percent to 6.10 yuan. Poly Real Estate Co edged down 0.6 percent to 11.19 yuan. Shanghai Shimao Co withdrew 2 percent to 11.69 yuan.
The benchmark Shanghai Composite Index went down 0.63 percent, or 16.61 points, to close at 2,611.35 points. Turnover expanded to 93.1 billion yuan (US$13.7 billion) from 90.5 billion yuan on the previous trading day.
The Shenzhen Composite Index, which tracks the smaller mainland exchange, decreased 0.62 percent to 1,163.32.
Metal producers extended previous gains after the country cut export quotas of rare earth, raw material used in liquid crystal displays and wind turbines, for the second half of the year, which has been driving up prices.
Aluminum Corp of China jumped by the 10 percent daily limit to 10.88 yuan after the Xinhua news agency reported that its parent agreed to invest in rare-earth production. Rising Nonferrous Metals Share Co jumped 7.3 percent to 47.91 yuan. Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co advanced 1.64 percent to 72.04 yuan.
Banks were weak after the China Business News cited an unidentified insider as saying that the country may start a second round of curbs on property speculation.
China Merchants Bank slid 1.8 percent to 12.61 yuan. China Construction Bank lost 0.2 percent to 4.56 yuan. Shanghai Pudong Development Bank shed 2.7 percent to 12.58 yuan.
Property developers underperformed. Gemdale Corp was off 0.8 percent to 6.10 yuan. Poly Real Estate Co edged down 0.6 percent to 11.19 yuan. Shanghai Shimao Co withdrew 2 percent to 11.69 yuan.
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