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Banks, property shares pull index down
By Feng Jianmin and Pan Xiaoyi |
September 29, 2010, Wednesday
|
Print Edition
Print Edition
SHANGHAI'S key stock index ended lower yesterday as losses by banks and property developers eroded gains made by metals producers.
The Shanghai Composite Index shed 0.63 percent, or 16.61 points, to close at 2,611.35. Turnover expanded to 93.1 billion yuan (US$13.7 billion) from 90.5 billion yuan on Monday.
Banks and realty firms fell after China Business News cited an unidentified insider as saying that the country may unveil another package of restrictions to battle property speculation.
China Merchants Bank slid 1.8 percent to 12.61 yuan, China Construction Bank lost 0.2 percent to 4.56 yuan and Shanghai Pudong Development Bank shed 2.7 percent to 12.58 yuan.
Property developer Gemdale Corp shed 0.8 percent to 6.10 yuan, Poly Real Estate Co dipped 0.6 percent to 11.19 yuan and Shanghai Shimao Co lost 2 percent to 11.69 yuan.
Aluminum Corp of China jumped by the 10 percent daily limit to 10.88 yuan after Xinhua news agency reported its parent agreed to invest in rare-earth production in Jiangxi Province. Rising Nonferrous Metals Share Co jumped 7.3 percent to 47.91 yuan.
The Shanghai Composite Index shed 0.63 percent, or 16.61 points, to close at 2,611.35. Turnover expanded to 93.1 billion yuan (US$13.7 billion) from 90.5 billion yuan on Monday.
Banks and realty firms fell after China Business News cited an unidentified insider as saying that the country may unveil another package of restrictions to battle property speculation.
China Merchants Bank slid 1.8 percent to 12.61 yuan, China Construction Bank lost 0.2 percent to 4.56 yuan and Shanghai Pudong Development Bank shed 2.7 percent to 12.58 yuan.
Property developer Gemdale Corp shed 0.8 percent to 6.10 yuan, Poly Real Estate Co dipped 0.6 percent to 11.19 yuan and Shanghai Shimao Co lost 2 percent to 11.69 yuan.
Aluminum Corp of China jumped by the 10 percent daily limit to 10.88 yuan after Xinhua news agency reported its parent agreed to invest in rare-earth production in Jiangxi Province. Rising Nonferrous Metals Share Co jumped 7.3 percent to 47.91 yuan.
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