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Banks, property drag down market
By Ding Yining |
June 7, 2010, Monday
|
Online Edition
Online Edition
SHANGHAI'S market fell nearly 2 percent in the morning session among concerns Chinese banks' share sales will dry up liquidity in the market while metal producers were also weak.
The benchmark Shanghai Composite Index lost 1.64 percent, or 41.86 points, to close at 2,511.73 points. Turnover was 70.2 billion yuan (US$10.3 billion). Losers outnumbered gainers 791 to 99 and 33 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, lost 1.91 percent to close at 1,033.32 points.
Banks were generally flat after Agricultural Bank of China announced its huge listing plan in both Shanghai and Hong Kong. The country's biggest lender by number of customers said on Friday it may sell 22.24 billion yuan-backed A shares and 25.41 billion shares in Hong Kong.
Bank of Communications also plans to raise 33.07 billion yuan in a rights issue this month. The stock tumbled 3.29 percent to 6.18 yuan. China Construction Bank lost 2.67 percent to 4.73 yuan. Bank of China was down 2.47 percent to 3.55 yuan.
China Vanke Co, the biggest listed domestic real estate developer, said its sales in May fell 20 percent from a year ago to 5.1 billion yuan. The stock dropped 2.20 percent to 7.12 yuan. Poly Real Estate Group tumbled 2.57 percent to 10.63 yuan. Gemdale Corporation was down 0.76 percent to 6.54 yuan.
Metal companies and oil producers also dragged down the index as commodity price dropped. Crude oil for July delivery lost 1.7 percent to US$70.27 a barrel, extending the 4.2 percent drop on Friday. PetroChina fell 2.17 percent to 10.38 yuan. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, tumbled 2.38 percent to 8.20 yuan.
Jiangxi Copper retreated 3.20 percent to 27.49 yuan. Zhongjin Gold Mining Co was down 0.78 percent to 56.93 yuan. Aluminum Corporation of China Ltd lost 1.37 percent to 10.08 yuan. Nanjing Yunhai Special Metals Co sank 3.83 percent to 13.32 yuan.
Xinjiang Goldwind Science & Technology Co, the country's leading wind-turbine maker, said it will raise over US$1 billion by listing in Hong Kong. Its shares fell 1.41 percent to 21.03 yuan.
Pharmaceutical companies and information technology firms bucked the downward trend. Guilin Layn Natural Ingredients Corp surged by the daily limit of 10 percent to 25.37 yuan. Shanghai Wangsu Science & Technology Co jumped 10 percent to 18.18 yuan. Chengdu Santai Electronics Industry Co was also up 10 percent to 23.83 yuan.
The benchmark Shanghai Composite Index lost 1.64 percent, or 41.86 points, to close at 2,511.73 points. Turnover was 70.2 billion yuan (US$10.3 billion). Losers outnumbered gainers 791 to 99 and 33 shares remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, lost 1.91 percent to close at 1,033.32 points.
Banks were generally flat after Agricultural Bank of China announced its huge listing plan in both Shanghai and Hong Kong. The country's biggest lender by number of customers said on Friday it may sell 22.24 billion yuan-backed A shares and 25.41 billion shares in Hong Kong.
Bank of Communications also plans to raise 33.07 billion yuan in a rights issue this month. The stock tumbled 3.29 percent to 6.18 yuan. China Construction Bank lost 2.67 percent to 4.73 yuan. Bank of China was down 2.47 percent to 3.55 yuan.
China Vanke Co, the biggest listed domestic real estate developer, said its sales in May fell 20 percent from a year ago to 5.1 billion yuan. The stock dropped 2.20 percent to 7.12 yuan. Poly Real Estate Group tumbled 2.57 percent to 10.63 yuan. Gemdale Corporation was down 0.76 percent to 6.54 yuan.
Metal companies and oil producers also dragged down the index as commodity price dropped. Crude oil for July delivery lost 1.7 percent to US$70.27 a barrel, extending the 4.2 percent drop on Friday. PetroChina fell 2.17 percent to 10.38 yuan. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, tumbled 2.38 percent to 8.20 yuan.
Jiangxi Copper retreated 3.20 percent to 27.49 yuan. Zhongjin Gold Mining Co was down 0.78 percent to 56.93 yuan. Aluminum Corporation of China Ltd lost 1.37 percent to 10.08 yuan. Nanjing Yunhai Special Metals Co sank 3.83 percent to 13.32 yuan.
Xinjiang Goldwind Science & Technology Co, the country's leading wind-turbine maker, said it will raise over US$1 billion by listing in Hong Kong. Its shares fell 1.41 percent to 21.03 yuan.
Pharmaceutical companies and information technology firms bucked the downward trend. Guilin Layn Natural Ingredients Corp surged by the daily limit of 10 percent to 25.37 yuan. Shanghai Wangsu Science & Technology Co jumped 10 percent to 18.18 yuan. Chengdu Santai Electronics Industry Co was also up 10 percent to 23.83 yuan.
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