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Banks retreat as market falters
By Feng Jianmin |
June 10, 2010, Thursday
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Online Edition
Online Edition
SHANGHAI stocks fell today, led by weakening blue chips on concerns that the central government will tighten measures to contain high property prices.
The benchmark Shanghai Composite Index edged down 0.82 percent, or 21.29 points, to close at 2,562.58. Turnover shrank to 80.6 billion yuan (US$11.8 billion), from yesterday's 102.7 billion yuan.
The Shenzhen Composite Index, which covers the smaller mainland exchange, added 0.21 percent to 1,069.2 points.
Property prices in 70 major cities hit a nearly record increase of 12.4 percent in May from a year earlier, and 0.2 percent higher from last month. Sales shrank 25 percent from April, according to the Bureau of Statistics.
Banks retreated from previous surge. Bank of China lost 2.2 percent to 3.55 yuan. Industrial and Commercial Bank of China declined 1.43 percent to 4.14 yuan. China Merchants Bank fell 2.69 percent to 12.68 yuan.
China Life Insurance Co withdrew 1.98 percent to 23.81 yuan. China Pacific Insurance (Group) Co eased 2.84 percent to 20.85 yuan.
The property sector also lost. China State Construction Engineering Corp, the nation's largest housing contractor, went down 1.41 percent to 3.50 yuan after reporting a 10 percent increase of sales in the first five months this year from a year earlier. Hefei Urban Construction Development Co dipped 0.46 percent to 10.92 yuan.
China Vanke dropped 2.05 percent to 7.15 yuan. Poly Real Estate Co was 2.21 percent lower to 11.05 yuan. Shenzhen World Union Property Consultancy Co edged up 0.26 percent to 27.12 yuan.
Appliances producers extended previous gains on expanding demand. Qingdao Haier gained 0.3 percent to 20.06 yuan. Sichuan Changhong Electric Co rose 1.16 percent to 6.12 yuan. Hisense Electric Co advanced 2.39 percent to 14.58 yuan.
A rumor of nearly 50 percent growth in China's exports was confirmed today by the Customs bureau. May's Consumer Price Index data will be unveiled tomorrow.
The benchmark Shanghai Composite Index edged down 0.82 percent, or 21.29 points, to close at 2,562.58. Turnover shrank to 80.6 billion yuan (US$11.8 billion), from yesterday's 102.7 billion yuan.
The Shenzhen Composite Index, which covers the smaller mainland exchange, added 0.21 percent to 1,069.2 points.
Property prices in 70 major cities hit a nearly record increase of 12.4 percent in May from a year earlier, and 0.2 percent higher from last month. Sales shrank 25 percent from April, according to the Bureau of Statistics.
Banks retreated from previous surge. Bank of China lost 2.2 percent to 3.55 yuan. Industrial and Commercial Bank of China declined 1.43 percent to 4.14 yuan. China Merchants Bank fell 2.69 percent to 12.68 yuan.
China Life Insurance Co withdrew 1.98 percent to 23.81 yuan. China Pacific Insurance (Group) Co eased 2.84 percent to 20.85 yuan.
The property sector also lost. China State Construction Engineering Corp, the nation's largest housing contractor, went down 1.41 percent to 3.50 yuan after reporting a 10 percent increase of sales in the first five months this year from a year earlier. Hefei Urban Construction Development Co dipped 0.46 percent to 10.92 yuan.
China Vanke dropped 2.05 percent to 7.15 yuan. Poly Real Estate Co was 2.21 percent lower to 11.05 yuan. Shenzhen World Union Property Consultancy Co edged up 0.26 percent to 27.12 yuan.
Appliances producers extended previous gains on expanding demand. Qingdao Haier gained 0.3 percent to 20.06 yuan. Sichuan Changhong Electric Co rose 1.16 percent to 6.12 yuan. Hisense Electric Co advanced 2.39 percent to 14.58 yuan.
A rumor of nearly 50 percent growth in China's exports was confirmed today by the Customs bureau. May's Consumer Price Index data will be unveiled tomorrow.
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