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Developers drop in Shanghai, banks rise
By Ding Yining |
September 14, 2010, Tuesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index remained almost unchanged in the morning session after gains in banks and other financial chips were overshadowed by weak performance of property shares.
The benchmark Shanghai Composite Index dipped 0.01 percent, or 0.14 points, to close at 2,688.18 points. Turnover was 73.9 billion yuan (US$10.9 billion).
The Shenzhen Composite Index remained flat at 1,206.22 points.
"China's economy is now in good shape, featuring fast growth, gradual structural improvement, rising employment and basic price stability," Premier Wen Jiabao said yesterday at the World Economic Forum's Summer Davos meeting in Tianjin.
Banks and insurers ended higher. Bank of Communications added 1.21 percent to 5.86 yuan. Shanghai Pudong Development Bank rose 0.96 percent to 13.62 yuan. Ping An Insurance Group was up 1.03 percent to 50.13 yuan.
Commodity shares closed mixed. Zijin Mining Co lost 0.77 percent to 6.41 yuan. Shandong Gold Mining Co dipped 0.18 percent to 44.26 yuan. Yunnan Copper Co advanced 1.36 percent to 22.33 yuan.
China Petroleum & Chemical Corp, Asia's largest oil refiner, was down 0.24 percent to 8.23 yuan. China Shenhua Energy Co, the country's biggest coal producer, lost 0.59 percent to 23.72 yuan. PetroChina, the biggest index component, dipped 0.19 percent to 10.25 yuan.
Property developres retreated from earlier gains. China Vanke Co lost 1.32 percent to 8.24 yuan. Gemdale Corporation dropped 1.56 percent 6.30 yuan. China Merchants Development Co was down 1.99 percent to 17.26 yuan.
Pharmaceutical shares were also weak. Guangzhou Pharmaceutical Co Ltd slid 3.98 percent to 15.20 yuan. Guangzhou Baiyunshan Pharmaceutical Co retreated 3.73 percent to 16 yuan.
The benchmark Shanghai Composite Index dipped 0.01 percent, or 0.14 points, to close at 2,688.18 points. Turnover was 73.9 billion yuan (US$10.9 billion).
The Shenzhen Composite Index remained flat at 1,206.22 points.
"China's economy is now in good shape, featuring fast growth, gradual structural improvement, rising employment and basic price stability," Premier Wen Jiabao said yesterday at the World Economic Forum's Summer Davos meeting in Tianjin.
Banks and insurers ended higher. Bank of Communications added 1.21 percent to 5.86 yuan. Shanghai Pudong Development Bank rose 0.96 percent to 13.62 yuan. Ping An Insurance Group was up 1.03 percent to 50.13 yuan.
Commodity shares closed mixed. Zijin Mining Co lost 0.77 percent to 6.41 yuan. Shandong Gold Mining Co dipped 0.18 percent to 44.26 yuan. Yunnan Copper Co advanced 1.36 percent to 22.33 yuan.
China Petroleum & Chemical Corp, Asia's largest oil refiner, was down 0.24 percent to 8.23 yuan. China Shenhua Energy Co, the country's biggest coal producer, lost 0.59 percent to 23.72 yuan. PetroChina, the biggest index component, dipped 0.19 percent to 10.25 yuan.
Property developres retreated from earlier gains. China Vanke Co lost 1.32 percent to 8.24 yuan. Gemdale Corporation dropped 1.56 percent 6.30 yuan. China Merchants Development Co was down 1.99 percent to 17.26 yuan.
Pharmaceutical shares were also weak. Guangzhou Pharmaceutical Co Ltd slid 3.98 percent to 15.20 yuan. Guangzhou Baiyunshan Pharmaceutical Co retreated 3.73 percent to 16 yuan.
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