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Coal firms and banks drag market lower
By Ding Yining |
July 27, 2010, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S stock market ended lower for the first time in seven days after coal companies and metal producers fell.
The benchmark Shanghai Composite Index was down 0.51 percent, or 9.19 points, to close at 2,575.37 points. Turnover was 85 billion yuan (US$12.4 billion).
The Shenzhen Composite Index, which tracks the smaller domestic market, dipped 0.12 percent to close at 1,049.44 points.
China Shenhua Energy Co, the country's largest coal producer, lost 1.21 percent to 22.87 yuan after average coal price in the past week at Qinhuangdao fell 1.3 percent to 740 yuan a ton. Datong Coal Industry Co slid 3.06 percent to 16.16 yuan.
Bank of Communications lost 0.63 percent to 6.35 yuan. Shanghai Pudong Development Bank dropped 1.88 percent to 14.61 yuan. China Merchants Bank lowered 1.05 percent to 14.11 yuan.
Property counters were generally weak. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd lost 1.16 percent to 17.91 yuan. Gemdale Corporation lowered 0.74 percent to 6.68 yuan. AJ Corporation was down 1.07 percent to 9.23 yuan.
Jiangxi Copper lost 1.96 percent to 28.52 yuan. Metallurgical Corp of China lowered 0.95 percent to 4.17 yuan. Zhongjin Gold Co retreated 1.78 percent to 29.84 yuan.
Travel agencies bucked the downward trend after the State Council issued a proposal to boost the tourism industry by opening management rights to foreign capital and allow tourism spots to put income of admission fees in pledge for mortgage loans.
Guilin Tourism Co Ltd rose 1.39 percent to 10.19 yuan. Guangzhou Dongfang Hotel Co surged 4.48 percent to 11.90 yuan.
The benchmark Shanghai Composite Index was down 0.51 percent, or 9.19 points, to close at 2,575.37 points. Turnover was 85 billion yuan (US$12.4 billion).
The Shenzhen Composite Index, which tracks the smaller domestic market, dipped 0.12 percent to close at 1,049.44 points.
China Shenhua Energy Co, the country's largest coal producer, lost 1.21 percent to 22.87 yuan after average coal price in the past week at Qinhuangdao fell 1.3 percent to 740 yuan a ton. Datong Coal Industry Co slid 3.06 percent to 16.16 yuan.
Bank of Communications lost 0.63 percent to 6.35 yuan. Shanghai Pudong Development Bank dropped 1.88 percent to 14.61 yuan. China Merchants Bank lowered 1.05 percent to 14.11 yuan.
Property counters were generally weak. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd lost 1.16 percent to 17.91 yuan. Gemdale Corporation lowered 0.74 percent to 6.68 yuan. AJ Corporation was down 1.07 percent to 9.23 yuan.
Jiangxi Copper lost 1.96 percent to 28.52 yuan. Metallurgical Corp of China lowered 0.95 percent to 4.17 yuan. Zhongjin Gold Co retreated 1.78 percent to 29.84 yuan.
Travel agencies bucked the downward trend after the State Council issued a proposal to boost the tourism industry by opening management rights to foreign capital and allow tourism spots to put income of admission fees in pledge for mortgage loans.
Guilin Tourism Co Ltd rose 1.39 percent to 10.19 yuan. Guangzhou Dongfang Hotel Co surged 4.48 percent to 11.90 yuan.
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