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Blue chips weigh down flat market
By Feng Jianmin |
June 22, 2010, Tuesday
|
Online Edition
Online Edition
SHANGHAI stocks closed slightly higher today but blue chips were flat as investors remained cautious about market liquidity and the impact of the yuan's appreciation.
The benchmark Shanghai Composite Index edged up 0.1 percent, or 2.5 points, to close at 2,588.70. Turnover shrank to 65.9 billion yuan (US$9.7 billion) from yesterday's 81.7 billion yuan. More than 60 percent of the stocks gained.
The Shenzhen Composite Index, which covers the smaller mainland exchange, went up 0.60 percent to 1,047.56 points.
Pricing of Agricultural Bank China's initial public offering remained the primary concern for investors, analysts said.
Meanwhile, the yuan rose to a five-year high yesterday of 6.7969 against the US dollar, arousing concerns over exports.
Banks went flat after Central Huijin Investment Ltd, a state-owned investment company, vowed to support banks' fundraising activities including those of Bank of China, Industrial and Commercial Bank of China and China Construction Bank.
Bank of China edged down 0.28 percent to 3.58 yuan. ICBC lost 0.23 percent to 4.27 yuan. CCB added 0.4 percent to 4.99 yuan.
Baoshan Iron & Steel Co gained 0.97 percent to 6.25 yuan. Jiangxi Copper Co eased 0.53 percent to 28.29 yuan. PetroChina fell 0.28 percent 10.76 yuan. China Shenhua Energy Co lost 0.75 percent to 23.96 yuan. Anhui Conch Cement Co went down 0.39 percent to 17.99 yuan.
Property developers went mixed. Gemdale Corp lost 1.12 percent to 7.08 yuan. China Vanke was 0.68 percent lower to 7.29 yuan. Poly Real Estate (Group) Co rose 0.25 percent to 11.83 yuan.
The benchmark Shanghai Composite Index edged up 0.1 percent, or 2.5 points, to close at 2,588.70. Turnover shrank to 65.9 billion yuan (US$9.7 billion) from yesterday's 81.7 billion yuan. More than 60 percent of the stocks gained.
The Shenzhen Composite Index, which covers the smaller mainland exchange, went up 0.60 percent to 1,047.56 points.
Pricing of Agricultural Bank China's initial public offering remained the primary concern for investors, analysts said.
Meanwhile, the yuan rose to a five-year high yesterday of 6.7969 against the US dollar, arousing concerns over exports.
Banks went flat after Central Huijin Investment Ltd, a state-owned investment company, vowed to support banks' fundraising activities including those of Bank of China, Industrial and Commercial Bank of China and China Construction Bank.
Bank of China edged down 0.28 percent to 3.58 yuan. ICBC lost 0.23 percent to 4.27 yuan. CCB added 0.4 percent to 4.99 yuan.
Baoshan Iron & Steel Co gained 0.97 percent to 6.25 yuan. Jiangxi Copper Co eased 0.53 percent to 28.29 yuan. PetroChina fell 0.28 percent 10.76 yuan. China Shenhua Energy Co lost 0.75 percent to 23.96 yuan. Anhui Conch Cement Co went down 0.39 percent to 17.99 yuan.
Property developers went mixed. Gemdale Corp lost 1.12 percent to 7.08 yuan. China Vanke was 0.68 percent lower to 7.29 yuan. Poly Real Estate (Group) Co rose 0.25 percent to 11.83 yuan.
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