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Blue chips fall as market drops at midday
By Ding Yining |
January 8, 2009, Thursday
|
Online Edition
Online Edition
SHANGHAI'S key stock index dropped in the morning session with banks and blue chips declining.
The benchmark Shanghai Composite Index lost 2.48 percent, or 47.74 points, to close at 1,876.28 points as of 11:30am. Turnover was 29.5 billion yuan (US$4.32 billion). Losing shares outnumbered gainers 715 to 149 and 44 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, decreased 1.83 percent to finish the morning session at 573.98 points.
Crude oil price dropped below US$43 per barrel as reserves increased in the United States and speculation demand for energy would drop. PetroChina, the biggest component index, was down 2.76 percent to 10.20 yuan. China Petroleum & Chemical Corp, Asia's largest refiner, sank 3.31 percent to 7.01 yuan.
Investors shunned the banking sector this morning. Industrial & Commercial Bank of China, the nation's biggest lender, was down 3.31 percent to 3.50 yuan. China Construction Bank sank 3.88 percent to 3.72 yuan.
Magnitico Holdings Ltd, owned by Hong Kong billionaire Li Ka-Shing, is raising as much as US$524 million by selling Hong Kong-listed shares in Bank of China. Bank of China's A shares in Shanghai decreased 2.33 percent to 2.93 yuan.
Ping An Insurance (Group) Co, China's second-largest insurer, tumbled 4.12 percent to 28.64 yuan. China Life Insurance Co Ltd sank 4.72 percent to 18.98 yuan.
GD Power Development Co said its electricity output fell 1.06 percent to 60.43 million megawatt-hours last year as a result of slowing power demand. Its shares were down 1.01 percent to 5.86 yuan.
Huaneng Power International Inc, the unit of China's biggest power producer, said output for 2008 increased 6.3 percent to 184.6 billion kilowatt-hours. The stock declined 1.81 percent to 7.05 yuan.
China Eastern Airlines Corp, the nation's third-largest carrier by fleet size, said it plans to reduce pay for its middle and senior managers by as much as 30 percent. It shares edged up 0.22 percent to 4.47 yuan.
On the plus side, Shanghai Waigaoqiao Free Trade Zone Development Co surged the daily limit of 10 percent to 8.69 yuan among speculation that it will be involved in building a Walt Disney Co theme park in Shanghai. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd, also rumored to be involved in the theme park, saw its shares gain 4.59 percent to 15.95 yuan.
The benchmark Shanghai Composite Index lost 2.48 percent, or 47.74 points, to close at 1,876.28 points as of 11:30am. Turnover was 29.5 billion yuan (US$4.32 billion). Losing shares outnumbered gainers 715 to 149 and 44 remained unchanged.
The Shenzhen Composite Index, which tracks the smaller domestic market, decreased 1.83 percent to finish the morning session at 573.98 points.
Crude oil price dropped below US$43 per barrel as reserves increased in the United States and speculation demand for energy would drop. PetroChina, the biggest component index, was down 2.76 percent to 10.20 yuan. China Petroleum & Chemical Corp, Asia's largest refiner, sank 3.31 percent to 7.01 yuan.
Investors shunned the banking sector this morning. Industrial & Commercial Bank of China, the nation's biggest lender, was down 3.31 percent to 3.50 yuan. China Construction Bank sank 3.88 percent to 3.72 yuan.
Magnitico Holdings Ltd, owned by Hong Kong billionaire Li Ka-Shing, is raising as much as US$524 million by selling Hong Kong-listed shares in Bank of China. Bank of China's A shares in Shanghai decreased 2.33 percent to 2.93 yuan.
Ping An Insurance (Group) Co, China's second-largest insurer, tumbled 4.12 percent to 28.64 yuan. China Life Insurance Co Ltd sank 4.72 percent to 18.98 yuan.
GD Power Development Co said its electricity output fell 1.06 percent to 60.43 million megawatt-hours last year as a result of slowing power demand. Its shares were down 1.01 percent to 5.86 yuan.
Huaneng Power International Inc, the unit of China's biggest power producer, said output for 2008 increased 6.3 percent to 184.6 billion kilowatt-hours. The stock declined 1.81 percent to 7.05 yuan.
China Eastern Airlines Corp, the nation's third-largest carrier by fleet size, said it plans to reduce pay for its middle and senior managers by as much as 30 percent. It shares edged up 0.22 percent to 4.47 yuan.
On the plus side, Shanghai Waigaoqiao Free Trade Zone Development Co surged the daily limit of 10 percent to 8.69 yuan among speculation that it will be involved in building a Walt Disney Co theme park in Shanghai. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd, also rumored to be involved in the theme park, saw its shares gain 4.59 percent to 15.95 yuan.
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