Chinese shares register mixed picture
Source: Agencies |
August 24, 2010, Tuesday
|
Print Edition
Print Edition
CHINESE shares were mixed yesterday as heavyweight energy companies dragged the main Shanghai benchmark lower but losses were limited by generally strong earnings reports for the first half.
The Shanghai Composite Index slipped 0.1 percent, or 2.94 points, to end at 2,639.37. The Shenzhen Composite Index of China's second, smaller market gained 0.4 percent to 1,121.65.
"China's market remains relatively bullish on strong interim earnings reports. They are sending the message that the economy is managing well under the government's control, and investors are keen to make some money after several months of losses," said Xu Guangfu, a market strategist at Xiangcai Securities.
Comments by Premier Wen Jiabao during a visit to the boomtown of Shenzhen, reported in the media, boosted market sentiment there, fanning speculative trading that drove gains among the smaller companies that dominate its exchange.
Wen lauded Shenzhen's example, saying it was a model for China's success in adopting market-oriented reforms.
However, major refiner Sinopec lost 0.8 percent to 8.44 yuan (US$1.24) after reporting its net profit climbed 7 percent in the first half of the year. Though the results were better than anticipated, the company's outlook was dimmed by weakening refining margins in the second quarter.
Market heavyweight PetroChina, the country's biggest oil and gas producer and a major refiner, fell 0.7 percent to 10.35 yuan.
China Vanke Co, the country's biggest developer by market value, slid 1.9 percent to 8.49 yuan. Vanke's Chairman Wang Shi said home prices in the nation's largest cities may fall 10 percent to 15 percent, the New Express Daily newspaper reported yesterday.
Poly Real Estate, China's second-largest, lost 1.5 percent to 12.31 yuan.
The Bank of China fell 1.4 percent to 3.44 yuan after saying shareholders approved a plan to raise as much as 60 billion yuan in a rights offer.
The Shanghai Composite Index slipped 0.1 percent, or 2.94 points, to end at 2,639.37. The Shenzhen Composite Index of China's second, smaller market gained 0.4 percent to 1,121.65.
"China's market remains relatively bullish on strong interim earnings reports. They are sending the message that the economy is managing well under the government's control, and investors are keen to make some money after several months of losses," said Xu Guangfu, a market strategist at Xiangcai Securities.
Comments by Premier Wen Jiabao during a visit to the boomtown of Shenzhen, reported in the media, boosted market sentiment there, fanning speculative trading that drove gains among the smaller companies that dominate its exchange.
Wen lauded Shenzhen's example, saying it was a model for China's success in adopting market-oriented reforms.
However, major refiner Sinopec lost 0.8 percent to 8.44 yuan (US$1.24) after reporting its net profit climbed 7 percent in the first half of the year. Though the results were better than anticipated, the company's outlook was dimmed by weakening refining margins in the second quarter.
Market heavyweight PetroChina, the country's biggest oil and gas producer and a major refiner, fell 0.7 percent to 10.35 yuan.
China Vanke Co, the country's biggest developer by market value, slid 1.9 percent to 8.49 yuan. Vanke's Chairman Wang Shi said home prices in the nation's largest cities may fall 10 percent to 15 percent, the New Express Daily newspaper reported yesterday.
Poly Real Estate, China's second-largest, lost 1.5 percent to 12.31 yuan.
The Bank of China fell 1.4 percent to 3.44 yuan after saying shareholders approved a plan to raise as much as 60 billion yuan in a rights offer.
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