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Banks, blue chips lead shares lower
By Ding Yining |
January 7, 2009, Wednesday
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Online Edition
Online Edition
SHANGHAI'S key stock index ended lower today as banks and other blue chips suffered losses.
The benchmark Shanghai Composite Index declined 0.68 percent, or 13.13 points, to close at 1,924.01 points. Turnover was 63.9 billion yuan (US$9.34 billion), down from 69 billion yuan yesterday. Gainers outnumbered losers 445 to 391 and 72 did not change.
The Shenzhen Composite Index, which tracks the smaller domestic market, dipped 0.28 percent to close at 584.71 points. Turnover was 33.7 billion yuan.
Banks were hit with losses today after Bank of America Corp said it plans to sell up to US$2.8 billion of China Construction Bank's Hong Kong-listed shares. Bank of America is selling the 5.62 billion shares at HK$3.92 a piece. The shares of China Construction Bank dropped 2.52 percent to 3.87 yuan.
Shanghai Pudong Development Bank lost 1.31 percent to 14.29 yuan. Industrial & Commercial Bank of China, the nation's biggest lender, buckled 2.16 percent to 3.62 yuan.
The Ministry of Industry and Information Technology issued three 3G licenses to China Telecom Corporation Ltd, China Mobile Communications Corporation and China United Telecommunications Corporation Ltd.
Other telecommunications firms were weak, though, since they had made strong gains in the past few trading days.
ZTE Corporation was down 4.03 percent to 27.83 yuan. Fiberhome Telecommunication Technologies Co Ltd fell 4.61 percent to 10.97 yuan. China United Telecommunications Corporation Ltd decreased 1.89 percent to 5.19 yuan.
"This year would become the peak year for investment in China's telecommunications sector and the total investment of the three major operators may exceed 300 billion yuan," according to a research note by China International Capital Co Ltd.
China Railway Group Ltd, Asia's largest construction company, said its subsidiaries won 25 billion yuan of new projects. Its shares were up 0.18 percent to 5.65 yuan.
Sinopec Yizheng Chemical Fiber Co Ltd, a subsidiary of Asia's biggest oil refiner, said it had suffered a "significant" net loss in 2008 as a result of falling demand for polyester products. Its shares edged up 0.27 percent to 3.68 yuan.
Du Juan, former director of Gome Electrical Appliances Holdings Ltd, is under house arrest, according to Caijing magazine, which cited an unnamed source. Beijing Centergate Technologies (Holding) Co Ltd slipped 0.59 percent to 3.39 yuan and Sanlian Commerce Co Ltd was down 1.14 percent to close at 4.34 yuan. Both listed companies are partly owned by Gome.
The benchmark Shanghai Composite Index declined 0.68 percent, or 13.13 points, to close at 1,924.01 points. Turnover was 63.9 billion yuan (US$9.34 billion), down from 69 billion yuan yesterday. Gainers outnumbered losers 445 to 391 and 72 did not change.
The Shenzhen Composite Index, which tracks the smaller domestic market, dipped 0.28 percent to close at 584.71 points. Turnover was 33.7 billion yuan.
Banks were hit with losses today after Bank of America Corp said it plans to sell up to US$2.8 billion of China Construction Bank's Hong Kong-listed shares. Bank of America is selling the 5.62 billion shares at HK$3.92 a piece. The shares of China Construction Bank dropped 2.52 percent to 3.87 yuan.
Shanghai Pudong Development Bank lost 1.31 percent to 14.29 yuan. Industrial & Commercial Bank of China, the nation's biggest lender, buckled 2.16 percent to 3.62 yuan.
The Ministry of Industry and Information Technology issued three 3G licenses to China Telecom Corporation Ltd, China Mobile Communications Corporation and China United Telecommunications Corporation Ltd.
Other telecommunications firms were weak, though, since they had made strong gains in the past few trading days.
ZTE Corporation was down 4.03 percent to 27.83 yuan. Fiberhome Telecommunication Technologies Co Ltd fell 4.61 percent to 10.97 yuan. China United Telecommunications Corporation Ltd decreased 1.89 percent to 5.19 yuan.
"This year would become the peak year for investment in China's telecommunications sector and the total investment of the three major operators may exceed 300 billion yuan," according to a research note by China International Capital Co Ltd.
China Railway Group Ltd, Asia's largest construction company, said its subsidiaries won 25 billion yuan of new projects. Its shares were up 0.18 percent to 5.65 yuan.
Sinopec Yizheng Chemical Fiber Co Ltd, a subsidiary of Asia's biggest oil refiner, said it had suffered a "significant" net loss in 2008 as a result of falling demand for polyester products. Its shares edged up 0.27 percent to 3.68 yuan.
Du Juan, former director of Gome Electrical Appliances Holdings Ltd, is under house arrest, according to Caijing magazine, which cited an unnamed source. Beijing Centergate Technologies (Holding) Co Ltd slipped 0.59 percent to 3.39 yuan and Sanlian Commerce Co Ltd was down 1.14 percent to close at 4.34 yuan. Both listed companies are partly owned by Gome.
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