Blue chips stop market's morning slide

By Feng Jianmin | August 13, 2010, Friday |

Online Edition

SHANGHAI'S key stock index was driven slightly higher in the morning session by a last-minute surge of blue chips.

The benchmark Shanghai Composite Index added 0.38 percent, or 9.91 points, to close at 2,585.39 points. Turnover fell to 42 billion yuan (US$7.2 billion) from 47.9 billion yuan yesterday morning.

The Shenzhen Composite Index, which tracks the smaller domestic market, edged up 0.43 percent to close at 1,087.83 points.

PetroChina, the biggest index component, grew 0.5 percent to 10.31 yuan. Baoshan Iron & Steel Co rose 0.79 percent to 6.36 yuan. SAIC Motor Corp edged up 0.34 percent to 14.92 yuan.

Banks underperformed the market after China Banking Regulatory Commission tightened credit risk control on banks by requiring more capital adequacy for fund raising activities through corporation with trust companies.

The measure is believed to be harmful to banks' profits as their lending shrinks.

China Merchants Bank dipped 0.15 percent to 13.55 yuan. Bank of China (3.43 yuan) and Agricultural Bank of China (2.68 yuan) were both unchanged. Bank of Communications rose 1 percent to 6.25 yuan.

Gold miners gained as bullion prices for December delivery rose 1.5 percent to US$1,216.7 per ounce in New York. Shandong Gold Mining Co advanced 5 percent to 40.99 yuan. Zijin Mining Group, a leading gold producer, rose 3.09 percent to 6.34 yuan. Lao Feng Xiang Co, a major retailer of gold accessories, added 3 percent to 30.09 yuan.

Finance

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Blue chips stop market's morning slide

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