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Banks gain, index flat
By Feng Jianmin |
October 28, 2010, Thursday
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Online Edition
Online Edition
SHANGHAI'S key stock index closed almost unchanged today as questions for the size of US Fed stimulus plan lingered, while banks gained on better-than-expected earnings report.
The benchmark Shanghai Composite Index dipped 0.15 percent, or 4.6 points, to close at 2,992.6. Turnover dropped to 188.1 billion yuan (US$15.8 billion) from yesterday's 230 billion yuan.
The Shenzhen Component Index, which tracks the smaller market in southern China, edged down 0.05 percent to 13,445.
Reports from the US government show that the pace of growth in manufacturing is slowing, while sales of new homes rose slightly faster than economists had expected last month. Market watchers were worried that signs of a strong economy could lead the Fed to ratchet back its plans.
Meanwhile in Europe, new threats to the debt crisis emerged after budget talks between Portugal's government and the main opposition party ended on Wednesday without a deal, bringing uncertainties to the European country.
Britain's FTSE index and France's CAC 40 index both fell 1 percent, while the US Dow Jones edged down 0.4 percent to 11,126.3.
Coal and gold producers led the decliners. Shandong Gold Mining Group Co went down 2 percent to 58.88 yuan. Datong Coal Industry Co fell 1.8 percent to 25.09 yuan.
Most banks gained after two of China's biggest lenders, the Agricultural Bank of China and the Bank of China, both reported an around 30 percent growth of quarterly profit after market closed yesterday. The growth was attributed to expanding net interest margins and waning anxiety about bad debts.
Agricultural Bank of China grew 1.5 percent to 2.80 yuan. Bank of China gained 0.9 percent to 3.55 yuan. But the Everbright Bank, a small cap lender, dipped 0.9 percent after reporting a 71 percent growth of quarterly profit.
Media and communications related stocks gained on news that the government will encourage mergers and acquisitions among listed companies to consolidate the industry. Zhejiang Huace Film & TV co jumped 5.8 percent to 102.63 yuan. Guangdong Alpha Animination and Culture Co grew 1.9 percent to 28.99 yuan.
Auto makers tumbled. SAIC Motor Corp declined 4.2 percent to 20.04 yuan. FAW Car Co lost 1.6 percent to 20.50 yuan. Dongfeng Automobile Co went down 1.4 percent to 6.14 yuan.
The benchmark Shanghai Composite Index dipped 0.15 percent, or 4.6 points, to close at 2,992.6. Turnover dropped to 188.1 billion yuan (US$15.8 billion) from yesterday's 230 billion yuan.
The Shenzhen Component Index, which tracks the smaller market in southern China, edged down 0.05 percent to 13,445.
Reports from the US government show that the pace of growth in manufacturing is slowing, while sales of new homes rose slightly faster than economists had expected last month. Market watchers were worried that signs of a strong economy could lead the Fed to ratchet back its plans.
Meanwhile in Europe, new threats to the debt crisis emerged after budget talks between Portugal's government and the main opposition party ended on Wednesday without a deal, bringing uncertainties to the European country.
Britain's FTSE index and France's CAC 40 index both fell 1 percent, while the US Dow Jones edged down 0.4 percent to 11,126.3.
Coal and gold producers led the decliners. Shandong Gold Mining Group Co went down 2 percent to 58.88 yuan. Datong Coal Industry Co fell 1.8 percent to 25.09 yuan.
Most banks gained after two of China's biggest lenders, the Agricultural Bank of China and the Bank of China, both reported an around 30 percent growth of quarterly profit after market closed yesterday. The growth was attributed to expanding net interest margins and waning anxiety about bad debts.
Agricultural Bank of China grew 1.5 percent to 2.80 yuan. Bank of China gained 0.9 percent to 3.55 yuan. But the Everbright Bank, a small cap lender, dipped 0.9 percent after reporting a 71 percent growth of quarterly profit.
Media and communications related stocks gained on news that the government will encourage mergers and acquisitions among listed companies to consolidate the industry. Zhejiang Huace Film & TV co jumped 5.8 percent to 102.63 yuan. Guangdong Alpha Animination and Culture Co grew 1.9 percent to 28.99 yuan.
Auto makers tumbled. SAIC Motor Corp declined 4.2 percent to 20.04 yuan. FAW Car Co lost 1.6 percent to 20.50 yuan. Dongfeng Automobile Co went down 1.4 percent to 6.14 yuan.
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