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Blue chips drag index lower
By Feng Jianmin |
June 3, 2010, Thursday
|
Online Edition
Online Edition
SHANGHAI stocks fell as afternoon losses by heavyweights offsets gains in the high-tech sector boosted by government plans.
The benchmark Shanghai Composite Index edged down 0.73 percent, or 18.8 points, to close at 2552.66. Turnover stands at 76.5 billion yuan (US$11.2 billion). Losers outnumbered gainers by 706 to 225, and 177 shares remained unchanged.
The Shenzhen Composite Index, which covers the smaller mainland exchange, went down 0.64 percent to 1,024.76.
Software firms led the gainers after Li Yizhong, Minister of Industry and Information and Technology, said yesterday that a draft had been submitted to the State Council to encourage development of the software industry.
China National Software & Service Co jumped by the daily limit of 10 percent to 19.43 yuan. DHC Software Co added 2.75 percent to 24.51 yuan. Shandong Inspur Software Co surged 9.74 percent to 11.94 yuan.
The ministry is also drafting plans for the bio-technology industry, according to the China Securities Journal. Details for the plans were not released. Shenzhen Neptunus Bioengineering Co advanced 4.82 percent to 11.97 yuan. Guilin Layn Natural Ingredients Co rose 10 percent to 20.96 yuan.
A note by Lord Abbett China indicates that small and medium enterprises will hit high growth as China's economy laid increasing emphasis on technology.
Heavy weights were generally weak.
Banks were mixed on fundraising pressure. Bank of China extended its previous loss by dropping 1.29 percent to 3.84 yuan. Industrial Bank dropped 1.33 percent to 24.53 yuan after it yesterday reported the completion of a 17.9-billion-yuan fundraising by the end of May. China Merchants Bank added 0.01 yuan to 13.15 yuan.
The property sector retreated. China Vanke lost 1.1 percent to 7.19 yuan. China Merchants Property Development Co fell 2.07 percent to 15.17 yuan. China State Construction Engineering Co dipped 0.56 percent to 3.56 yuan.
Metals went flat as prices drop in the US market. Zijin Mining Group Co went down 1 percent to 7.01 yuan. Jiangxi Copper Co added 0.06 yuan, or 0.21 percent to 28.52 yuan. Aluminum Corp of China shed 0.02 yuan to 10.19.
The benchmark Shanghai Composite Index edged down 0.73 percent, or 18.8 points, to close at 2552.66. Turnover stands at 76.5 billion yuan (US$11.2 billion). Losers outnumbered gainers by 706 to 225, and 177 shares remained unchanged.
The Shenzhen Composite Index, which covers the smaller mainland exchange, went down 0.64 percent to 1,024.76.
Software firms led the gainers after Li Yizhong, Minister of Industry and Information and Technology, said yesterday that a draft had been submitted to the State Council to encourage development of the software industry.
China National Software & Service Co jumped by the daily limit of 10 percent to 19.43 yuan. DHC Software Co added 2.75 percent to 24.51 yuan. Shandong Inspur Software Co surged 9.74 percent to 11.94 yuan.
The ministry is also drafting plans for the bio-technology industry, according to the China Securities Journal. Details for the plans were not released. Shenzhen Neptunus Bioengineering Co advanced 4.82 percent to 11.97 yuan. Guilin Layn Natural Ingredients Co rose 10 percent to 20.96 yuan.
A note by Lord Abbett China indicates that small and medium enterprises will hit high growth as China's economy laid increasing emphasis on technology.
Heavy weights were generally weak.
Banks were mixed on fundraising pressure. Bank of China extended its previous loss by dropping 1.29 percent to 3.84 yuan. Industrial Bank dropped 1.33 percent to 24.53 yuan after it yesterday reported the completion of a 17.9-billion-yuan fundraising by the end of May. China Merchants Bank added 0.01 yuan to 13.15 yuan.
The property sector retreated. China Vanke lost 1.1 percent to 7.19 yuan. China Merchants Property Development Co fell 2.07 percent to 15.17 yuan. China State Construction Engineering Co dipped 0.56 percent to 3.56 yuan.
Metals went flat as prices drop in the US market. Zijin Mining Group Co went down 1 percent to 7.01 yuan. Jiangxi Copper Co added 0.06 yuan, or 0.21 percent to 28.52 yuan. Aluminum Corp of China shed 0.02 yuan to 10.19.
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