Related News

Home » Business » Finance

Banks depress market after five-day hike

SHANGHAI'S key stock index dropped for the first day in five days, with banks delivering weak performances.

The benchmark Shanghai Composite Index dipped 0.37 percent, or 8.49 points, to close at 2,257.27 points at 11:30am. Turnover was 74.8 billion yuan (US$11.0 billion). Losers outnumbered gainers 796 to 170 and 42 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, lowered 1.51 percent to close at 741.20 points.

Shenzhen Development Bank Co, the lender controlled by buyout firm TPG Inc, said its 2008 profit tumbled 77 percent to 614 million yuan. Its shares dropped 4.12 percent to 15.14 yuan.

Industrial & Commercial Bank of China, the nation's biggest lender, was down 0.53 percent to 3.75 yuan. Shanghai Pudong Development Bank lowered 2.99 percent to 19.11 yuan. China Construction Bank decreased 1.18 percent to 4.19 yuan.

Poly Real Estate, China's second-largest developer by market value, slid 5.71 percent to 21.30 yuan after shareholders sold a 5 percent stake.

Shanghai Lujiazui Finance & Trade Zone Development Co, the developer of Shanghai's financial district, edged up 0.22 percent to 22.28 yuan. The company said it plans to pay as much as 1.76 billion yuan for a 33-floor office building in the city together with one of its units.

ZTE Corp, China's second-biggest phone-equipment maker posted a 39 percent increase in full-year profit to 1.66 billion yuan (US$243 million) after it won more orders for handsets and communications networks. The stock however lost 1.61 percent to 34.88 yuan.

Oil producers were among the gainers. PetroChina, the biggest index component, advanced 3.80 percent to 11.46 yuan. China Petroleum & Chemical Corp, Asia's largest refiner, added 1.52 percent to 8.70 yuan.

Zijin Mining Group Co, China's largest gold producer, hiked 5.32 percent to 9.51 yuan.


Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.

沪公网安备 31010602000204号

Email this to your friend