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Fear of inflation cools market
By Pan Xiaoyi |
August 5, 2010, Thursday
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Online Edition
Online Edition
SHANGHAI'S stock market ended lower today on concerns that inflation may pick up in July.
The benchmark Shanghai Composite Index dipped 0.67 percent, or 17.76 points, to close at 2,620.76 points. Turnover stood at 115.4 billion yuan (US$16.9 billion).
The Shenzhen Composite Index was off 0.06 percent to 1086.33 points.
Property developers led the decliners on speculation that more severe measures to curb housing prices may be unveiled. Gemdale Corp lost 2.8 percent to 6.89 yuan. Poly Real Estate Co shrank 4.5 percent to 12.5 yuan. Shanghai Shimao Corp retreated 2.8 percent to 13.44 yuan.
Heavyweights and blue chips underperformed. PetroChina, the biggest component of the index, was down 1.2 percent to 10.55 yuan. Sinopec, Asia's largest oil refiner, eased 1.6 percent to 8.56 yuan.
China Merchants Bank Co fell 2 percent to 14.03 yuan. Shanghai Pudong Development Bank Co withdrew 1.8 percent to 14.53 yuan. Bank of Communications Co was down 2.5 percent to 6.38 yuan.
Inflation-resistant consumer-related stocks bucked the downward trend. Yinchuan Xinhua Department Store Co surged by 10 percent daily cap to 35.7 yuan.
Shanghai New World Co jumped 4.6 percent to 13.74 yuan. Beijing Hualian Hypermarket Co gained 1.4 percent to 10.59 yuan.
The benchmark Shanghai Composite Index dipped 0.67 percent, or 17.76 points, to close at 2,620.76 points. Turnover stood at 115.4 billion yuan (US$16.9 billion).
The Shenzhen Composite Index was off 0.06 percent to 1086.33 points.
Property developers led the decliners on speculation that more severe measures to curb housing prices may be unveiled. Gemdale Corp lost 2.8 percent to 6.89 yuan. Poly Real Estate Co shrank 4.5 percent to 12.5 yuan. Shanghai Shimao Corp retreated 2.8 percent to 13.44 yuan.
Heavyweights and blue chips underperformed. PetroChina, the biggest component of the index, was down 1.2 percent to 10.55 yuan. Sinopec, Asia's largest oil refiner, eased 1.6 percent to 8.56 yuan.
China Merchants Bank Co fell 2 percent to 14.03 yuan. Shanghai Pudong Development Bank Co withdrew 1.8 percent to 14.53 yuan. Bank of Communications Co was down 2.5 percent to 6.38 yuan.
Inflation-resistant consumer-related stocks bucked the downward trend. Yinchuan Xinhua Department Store Co surged by 10 percent daily cap to 35.7 yuan.
Shanghai New World Co jumped 4.6 percent to 13.74 yuan. Beijing Hualian Hypermarket Co gained 1.4 percent to 10.59 yuan.
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