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Export fears weigh down Shanghai index
By Ding Yining and Feng Jianmin |
June 28, 2010, Monday
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Online Edition
Online Edition
SHANGHAI stocks ended lower today after export concerns weighed down on most blue chips.
The benchmark Shanghai Composite Index lost 0.69 percent, or 17.54 points, to close at 2535.28. Turnover was 45.3 billion yuan (US$6.6 billion).
The Shenzhen Composite Index, which covers the smaller mainland exchange, lost 1.53 percent to 1012.91 points.
China's pledge for a more flexible yuan may hurt exporters and add uncertainties to economic recovery. "It's essential for exporters to cut costs to keep their share of global trade and I'm not optimistic about exports this year," director general of Ministry of Commerce Yu Jianhua said at the G20 meetings in Toronto over the weekend.
Agricultural Bank of China will sit at 2.52 yuan to 2.68 yuan apiece in its initial public offering in Shanghai, Bloomberg cited people with knowledge of the matter. Last week it priced shares of its IPO in Hong Kong at HK$2.88 to HK$3.48 per share.
Banks were mixed after Liu Mingkang, Chairman of the China Banking Regulatory Commission, said over the weekend that the average capital adequacy ratio of Chinese banks was above the standard.
China Construction Bank lost 0.20 percent to 4.91 yuan. China Merchants Bank added 0.97 percent to 13.52 yuan. Industrial and Commercial Bank of China dipped 0.23 percent to 4.26 yuan.
Blue chips were generally flat. Aluminum Corp of China went down 0.1 percent to 9.95 yuan. Jiangxi Copper Co lost 0.47 percent to 27.44 yuan. Datong Coal Industry tumbled 6.08 percent to 30.87 yuan. PetroChina eased 0.75 percent to 10.65 yuan. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, fell 1.32 percent to 8.24 yuan.
Xinjiang-based companies bucked the downward trend after Xinhua said more than 140 billion yuan will be invested on road construction over the next five years. Xinjiang Zhundong Petroleum Technology Co advanced 1.98 percent to 24.76 yuan. Xinjiang Beixin Road and Bridge Construction Co added 0.93 percent to 26.06 yuan.
The benchmark Shanghai Composite Index lost 0.69 percent, or 17.54 points, to close at 2535.28. Turnover was 45.3 billion yuan (US$6.6 billion).
The Shenzhen Composite Index, which covers the smaller mainland exchange, lost 1.53 percent to 1012.91 points.
China's pledge for a more flexible yuan may hurt exporters and add uncertainties to economic recovery. "It's essential for exporters to cut costs to keep their share of global trade and I'm not optimistic about exports this year," director general of Ministry of Commerce Yu Jianhua said at the G20 meetings in Toronto over the weekend.
Agricultural Bank of China will sit at 2.52 yuan to 2.68 yuan apiece in its initial public offering in Shanghai, Bloomberg cited people with knowledge of the matter. Last week it priced shares of its IPO in Hong Kong at HK$2.88 to HK$3.48 per share.
Banks were mixed after Liu Mingkang, Chairman of the China Banking Regulatory Commission, said over the weekend that the average capital adequacy ratio of Chinese banks was above the standard.
China Construction Bank lost 0.20 percent to 4.91 yuan. China Merchants Bank added 0.97 percent to 13.52 yuan. Industrial and Commercial Bank of China dipped 0.23 percent to 4.26 yuan.
Blue chips were generally flat. Aluminum Corp of China went down 0.1 percent to 9.95 yuan. Jiangxi Copper Co lost 0.47 percent to 27.44 yuan. Datong Coal Industry tumbled 6.08 percent to 30.87 yuan. PetroChina eased 0.75 percent to 10.65 yuan. China Petroleum & Chemical Corp, Asia's largest refiner and also known as Sinopec, fell 1.32 percent to 8.24 yuan.
Xinjiang-based companies bucked the downward trend after Xinhua said more than 140 billion yuan will be invested on road construction over the next five years. Xinjiang Zhundong Petroleum Technology Co advanced 1.98 percent to 24.76 yuan. Xinjiang Beixin Road and Bridge Construction Co added 0.93 percent to 26.06 yuan.
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