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Finance, heavyweights dampen morning market

SHANGHAI'S key stock index dropped more than 1 percent in morning trade with falls among financial sector shares and heavyweights.

The benchmark Shanghai Composite Index was down 1.20 percent, or 29.45 points, to close at 2,419.15 points. Turnover was 54.4 billion yuan (US$7.95 billion). Losers outnumbered gainers 707 to 141 and 60 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, lost 1.98 percent to close at 804.91 points.

China Pacific Insurance (Group) Co, the nation's third-largest insurer, said first-quarter net income fell 89 percent from a year earlier to 200 million yuan. Its shares buckled 6.17 percent to 16.88 yuan.

China State Shipbuilding Co, the country's biggest shipbuilder, said first-quarter net income fell 36 from a year earlier to 623 million yuan. The stock lost 4.61 percent to 62.22 yuan.

Shanghai International Port Group reported a 28
percent drop in first-quarter profit. Its net income fell to 734 million yuan, or 0.035 yuan a share. The stock lost 1.86 percent to close at 5.29 yuan.

Banks showed mixed results. Bank of China added 1.45 percent to 3.50 yuan. China Construction Bank edged up 0.46 percent to 4.37 yuan. Industrial & Commercial Bank of China, the nation's biggest lender, dropped 1 percent to 3.98 yuan. Bank of Communications lost 0.62 percent to 6.37 yuan.


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