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Financial firms and developers drop in Shanghai
By Ding Yining |
October 29, 2010, Friday
|
Online Edition
Online Edition
SHANGHAI'S key stock index fell nearly 1 percent in the morning session after financial shares and property developers withdrew.
The benchmark Shanghai Composite Index lost 0.85 percent, or 25.36 points, to close at 2,967.22 points. Turnover stood at 107 billion yuan (US$16.2 billion). A total of 517 counters dropped and 355 issues rose while 47 remained unchanged.
The Shenzhen Component Index edged up 0.18 percent to 1,295.23 points.
Banks and insurers eased. China Pacific Insurance (Group) Co Ltd lost 1.30 percent to 25.79 yuan. Ping An Insurance (Group) Co lost 1.84 percent to 59.69 yuan. Agricultural Bank of China slumped 1.79 percent to 2.75 yuan. Bank of Communications retreated 2.82 percent to 6.20 yuan. China Construction Bank was down 1.36 percent to 5.08 yuan.
Chinese banks need to "closely monitor" risks in property loans, Liu Mingkang, chairman of the China Banking Regulatory Commission, said in a statement posted on the regulator's website yesterday.
Property developers showed mixed results. China Vanke, China's largest developer, lost 3.04 percent to 9.56 yuan. Poly Real Estate Co slid 4 percent to 14.40 yuan. Jilin Guanghua Holdings Group surged 7.77 percent to 15.95 yuan. Beijing Centergate Technologies added 1.84 percent to 8.30 yuan.
The benchmark Shanghai Composite Index lost 0.85 percent, or 25.36 points, to close at 2,967.22 points. Turnover stood at 107 billion yuan (US$16.2 billion). A total of 517 counters dropped and 355 issues rose while 47 remained unchanged.
The Shenzhen Component Index edged up 0.18 percent to 1,295.23 points.
Banks and insurers eased. China Pacific Insurance (Group) Co Ltd lost 1.30 percent to 25.79 yuan. Ping An Insurance (Group) Co lost 1.84 percent to 59.69 yuan. Agricultural Bank of China slumped 1.79 percent to 2.75 yuan. Bank of Communications retreated 2.82 percent to 6.20 yuan. China Construction Bank was down 1.36 percent to 5.08 yuan.
Chinese banks need to "closely monitor" risks in property loans, Liu Mingkang, chairman of the China Banking Regulatory Commission, said in a statement posted on the regulator's website yesterday.
Property developers showed mixed results. China Vanke, China's largest developer, lost 3.04 percent to 9.56 yuan. Poly Real Estate Co slid 4 percent to 14.40 yuan. Jilin Guanghua Holdings Group surged 7.77 percent to 15.95 yuan. Beijing Centergate Technologies added 1.84 percent to 8.30 yuan.
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